Unit 2 Lesson Objectives

I can define "microeconomics" and "macroeconomics" and describe the difference between the two concepts.

• Yes

• No

I can explain the decision makers involved in both microeconomics and macroeconomics.

• Yes

• No

I can define and explain the key characteristics of “the market system” and “the price mechanism.”

• Yes

• No

I am able to determine how the price mechanism is able to allocate resources efficiently.

• Yes

• No

I am able to discuss the key questions about resource allocation in the market system.

• Yes

• No

I am able to evaluate instances where the price mechanism fails to allocate resources efficiently.

• Yes

• No

I am able to draw and interpret appropriate demand diagrams and appropriate supply diagrams.

• Yes to demand diagrams only.

• Yes to supply diagrams only.

• Yes to both supply and demand diagrams.

• No to both types of diagrams.

I am able to define both "demand" and "supply."

• I can define supply only.

• I can define demand only.

• I can define both supply and demand.

• I cannot define either.

I can explain the determinants of both demand and supply.

• Yes to supply only.

• Yes to demand only.

• Yes to both.

• No to both.

I can draw, label, and explain movements and shifts (contractions and expansions) along a demand curve and a supply curve.

• Yes along a demand curve only.

• Yes along a supply curve only.

• Yes along both a supply curve and a demand curve.

• No to both.