Unit 2: Lesson 7 - A Silver Market Students participate in a simulation activity that shows how a competitive market works. Although most markets for goods and services are not as competitive as the silver commodity market, the example helps students gain an understanding of how prices are set in any market. Concepts: - Choice
- Competition
- Demand
- Incentive
- Markets
- Supply
- Consumer Surplus
- Producer Surplus
- Consume
Standards: - Standard #4: Incentives
- Standard #7: Markets and Prices
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