Unit 2: The Nature and Function of Product Markets (Supply and Demand)

Can include, but is not limited to:
Markets
Demand (Law of demand, the demand curve, market demand, change in demand, changes in quantity demanded)
Supply (Law of supply, the supply curve, change in supply, changes in quantity supplied)
Supply and demand together (Market equilibrium, surpluses and shortages, changes in supply, demand, and equilibrium)

Can include, but is not limited to:
This unit serves as the cornerstone of economics and focuses on supply and demand. This unit will go through the various markets that exist throughout the world before honing in on the specifics of both supply, demand, and equilibrium. Students will gain an understanding of the laws of supply and demand, what determines shifts in supply and demand, and will also be able to differentiate between a shift in supply and demand and a change in quantity supplied or quantity demanded. Through this unit students will also be able to see the impact of shifts of supply and demand on equilibrium and will also be able to determine the impact of price and quantity demanded in disequilibrium due to price ceilings and price floors.

.