Markets: Supply, Demand, and the Price System: Social Studies Unit 2, Grade 12 (Letters & Devotion)

Description

Markets: Supply, Demand, and the Price System is Unit 2 of Economics: Scarcity, Markets, and Decisions (Grade 12), the Letters & Devotion Social Studies course, complete in one printable PDF: 11 lessons, the unit check-up and the answer key, 92 pages.

• The determinants of supply and demand and their effect on curve position
• The distinction between shifts and movements along a curve
• Market equilibrium and the mechanism (surplus/shortage pressure) that drives price toward it
• The price elasticity of demand formula and elasticity classification
• The determinants of elasticity (availability of substitutes, necessity vs. luxury, budget share, time horizon)
• The perfect competition and monopoly market structure models
• Market structure classification applied to an unfamiliar industry
• Negative externalities and the private-cost/social-cost gap
• The distinction between an equilibrium shift and a market failure
• Price ceilings and price floors and their effect on market clearing
• The general conditions under which price controls bind and distort a market

Every lesson is written for a parent with no teaching background: it opens with a short script to read aloud, names the specific wrong idea a student is likely to reach for and how to correct it, and closes with a practice sheet you may copy for your household. Scripture references are King James Version throughout. Black-and-white, 8.5 x 11 in. The whole year of this course is also in this store as a single book.

AI note: The written content of this resource was drafted with AI tools, then reviewed and edited by the author.