Unit 2

  • Economics - Unit 2

    The Market & Trade


    Notes


    Summary

    This unit bundles student expectations that address how the market works and trade as market. Markets are places, arrangements and situations that bring buyers and sellers together. Markets vary in scale from a sale of an item between two individuals to trade between global partners. It is important for students to study about the factors that influence markets, market structures and trade to understand the operation of markets.

    Prior to this unit, the students examined basic economic concepts of scarcity and opportunity cost, and compared the different economic systems with an emphasis on free enterprise and the right to private property. During this unit, students study about how markets are affected by supply and demand, various market structures, the concepts of absolute and comparative advantage, and free trade in the global market.