MARKETS

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MARKETS
Define a market….
Things we should include
1. Basic market equation broken into the three separate pieces:
a. define MU, P, and MPP
2. Assumptions of a market
a. competitive market
b. perfect information
c. rational actor model
d. homogonous product
f. rival and excludable (this could lead to market failures modules)
3. Laws:
a. Diminishing Marginal Utility
b. Diminishing MPP
c. Equimarginal principle of maximization
i. consumer satisfaction
ii. producer profits
4. Substitutability vs. complementarily
a. transforming the role of prices
5. What this equation means in the “real world” (ie application)
6. Allocative vs. rationing functions of price
ACTIVITES
 we should also make a least of review questions and discussion questions
 read online blogs?
 http://www.eoearth.org/article/Market here is a link to a section from the
encyclopedia of earth about markets that would make a good activity to read and
write about, or answer quiz questions or something
 http://www.enviroliteracy.org/article.php/1310.html - Environmental Literacy
Council- Supply & Demand: How Markets Work
PROOF OF LEARNING
 Matching would be fun/easy activity with a list of key concepts maybe?
 Quizzes are fun
 Designing a test for someone else
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