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2.1 Supply and Demand 2.2 The Market Mechanism 2.3 Changes in Market Equilibrium

C H A P T E R 2. The Basics of Supply and Demand. CHAPTER OUTLINE. 2.1 Supply and Demand 2.2 The Market Mechanism 2.3 Changes in Market Equilibrium 2.4 Elasticities of Supply and Demand 2.5 Short-Run versus Long-Run Elasticities

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Modeling Dynamic Resource Demand with Portfolio Simulator

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Origins of Middle School Education

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Chapter 1 - Consumers

Chapter 1 - Consumers. THE ENGINE THAT RUNS THE ECONOMY. Decision Making Project. Get out of town You and three friends have saved up $800 each to take a trip during your spring break. You want to stay a week. Keep in mind that you have to stay within you budget.

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Wednesday, September 26 th

CRCT Question What step in the rock cycle would be required to change sandstone into granite? Water cements granite sediments together. Lava flows melt the sandstone sediments and the rock cools. Heat and pressure from the mantle. Wind sediments form tiny crystals of basalt .

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Chapter 2 Scarcity, Choice, and Economic Systems

Chapter 2 Scarcity, Choice, and Economic Systems. The Concept of Opportunity Cost. Opportunity cost of any choice What we forego when we make that choice Most accurate and complete concept of cost Direct money cost of a choice may only be a part of opportunity cost of that choice

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The Concept of Opportunity Cost

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NATIONAL CAPACITY FOR EVALUATION OF EVIDENCE AND DECISION-MAKING

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