LEARNING OBJECTIVES

Date: 2015-10-07; view: 383.

The Interaction of Demand and Supply. Their Influence the Market Prices.

UNIT 7

Markets exist when buyers and sellers interact, and market prices are set by the interaction of demand and supply.

After studying this unit, you should be able to:

· examine topics and subtopics and predict content related to demand, supply and market price, microeconomics, market economy, demand and supply schedules and curves, Laws of Demand and Supply, marginal utility, changes in quantity demanded and quantity supplied, substitutes and complements, demand and supply elasticity, production, surplus and shortage;

· apply reading skills to comprehend, analyze, and interpret texts related to the main microeconomics concepts such as demand, supply and prices (i.e. recognize main ideas in paragraphs, definitions, explanations, examples, classifications, comparisons and contrasts, sequence of events, cause / effect, pros and cons);

· use strategies to reinforce comprehension skills (i.e. use graphic organizers to visualize connections between main ideas and supporting details, cite evidence for main ideas, answer literal and critical comprehension questions);

· identify the main ideas, recall important details of a listening segment pertaining to demand, supply and price, take notes from spoken context as well as relate new information to previously acquired concepts;

· give spontaneous and prepared monologs, dialogs, and group interaction using topical vocabulary;

· summarize, annotate, render and translate texts related to the issues covered in the unit.