IntroductionIn a free market economy, the price of a good or service is determined by the interaction of demand (buyers) and supply (sellers).
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INTRODUCTIONEvery economy depends on markets for the buying and selling of products and services.
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The PPC shows the maximum combinations of two different goods that an economy can produce using its available resources and current level of technology.
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Price Elasticity of Supply (PES) measures the responsiveness of the quantity supplied of a good or service to a change in its price.
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Elasticity of Demand (General) measures responsiveness of quantity demanded to a change in a determinant
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Lesson Objectives By the end of the lesson, students should be able to: Explain the meaning of population distribution and structure.
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Topic: Concept of Demand Lesson Objectives By the end of this lesson, students should be able to: Define demand and explain what it means in economics.
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Lesson Objectives By the end of this lesson, students should be able to: Define and explain the concepts of demand and supply.
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Lesson Objectives By the end of the lesson, students should be able to: Define a sole proprietorship.
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IntroductionUnemployment occurs when people who are willing and able to work are unable to find a job.