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AP Microeconomics - Resource Allocation

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It is important for students to understand how society’s scarce resources are allocated among their many possible uses. This lesson asks students to analyze the effects of a change in demand or supply in one market on the equilibrium position in a related market. The student activity assumes the product and resource markets are perfectly competitive.

This lesson supports the Nature and Function of Product Markets section of the AP microeconomics curriculum.

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Audience:   High School
Language:   English
Subjects:   AP Economics, Economics
Resource Types:   Lessons
Concepts:   Demand, Supply, Market Equilibrium