Economics

Unit 1 | Topic 3.7 | Equilibrium and Price Controls

What factors affect price?

Objectives

• Explain how supply and demand create equilibrium in the marketplace.

• Describe what happens to prices, quantities demanded, and quantities supplied when equilibrium is disturbed.

• Identify two ways that the government intervenes in markets to control prices and restricts the use of individual property.

• Analyze the impacts of price ceilings and price floors on the free market.

Procedure

1. Review the Aim and notes from your initial text read.

2. Participate in the corresponding lesson topic presentation, revising notes.

3. Watch corresponding video(s); further revising notes.

4. Complete teacher instructed assignments.

Extension

• Prepare for your next class session by reading the next topic section in your text, recording alphanumeric/Cornell notes.

• Complete the next topic's Interactive Reading Notepad.