This detailed and engaging lesson continues the key theory behind price, the allocation of resources and supply and demand practice. This includes the role of markets and how resources are allocated. The lesson covers what market forces are with examples. The concept of the Invisible Hand Theory by Adam Smith is also covered. The lesson finishes with supply and demand diagram questions and how price is impacted.
Main Aim: Students will understand how resources are allocated and how that can impact price. Students will also learn how market forces impact price and reflect on the Invisible Hand Theory.
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£3.00