Lesson Details

Unit 2: Lesson 12 - How Do Prices Influence My Behavior? Price Elasticity

Students review consumer and producer behavior in light of changing prices. They predict consumers' and producers' responses to changes in prices, product characteristics, costs of production, time and technology factors.

Concepts:

  • Choice
  • Incentive
  • Price
  • Substitute
Standards:
  • Standard #1: Scarcity
  • Standard #4: Incentives
  • Standard #8: Role of Prices

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