Unit 4 Economics


Understanding the Role of Producers and Consumers in a Market Economy

  • 49: Describe the circular flow of economic activity.

Exploring the Price System

  • 50: Examine the laws of supply and demand and the determinants of each.
  • 51: Explain how the interaction of supply and demand determines equilibrium price.
  • 52: Describe the elasticity of supply and demand.
  • 53: Examine the purposes and implications of price ceilings and price floors.

Exploring the Many Factors That Affect Income

  • 55: Describe how changes in supply and demand for goods and services affect a worker’s income.

Developing Consumer Skills

  • 64: Examine basic economic concepts and their relation to product prices and consumer spending.
  • 65: Examine the effect of supply and demand on wages and prices.

Class Materials:


Should We Allow A Market for Transplant Organs?

  • Organ Shortfall Fuels illicit Trade in Human Parts Article
  • Kidney for Sale Article
  • Need more help – Online resources with videos to stress Supply and Demand, give it a try


  • Circular Flow Model
  • Microeconomics: The Law of Demand and Supply
  • Episode 13: Supply
  • Video 2: Law of Supply
  • Demand and Supply – EconMovies #4 Indiana Jones
  • Elasticity and the Total Revenue Test
  • Real World Effects of Minimum Wage
  • Price Ceiling – Rent Control Example John Stossel