Skip to content
PlayOwl

History, Civics & Social Studies · Grade 12

Microeconomic Choices, Markets and Incentives

Learners use the core tools of microeconomics on fictional markets: scarcity, opportunity cost and the production possibilities frontier; marginal benefit and marginal cost; supply, demand and equilibrium (plotted on a graph); shifts versus movements along a curve; price elasticity; price ceilings and floors; and externalities with the policy tools used to address them. Policy questions are analyzed by their trade-offs, not settled for the learner.

  • 4 lessons
  • About 145 minutes
  • Microeconomics check: 9 questions
  • Ways to answer: fill in the blanks, choose an answer, draw a graph, plot points, match pairs and type a number
Try it now (no account) One of the five free starter courses Open in PlayOwl

What learners will discover

  • Apply scarcity, opportunity cost, the production possibilities frontier and marginal analysis to choices.
  • Find market equilibrium from supply and demand and distinguish shifts of a curve from movements along it.
  • Calculate and interpret price elasticity of demand.
  • Analyze the effects of price ceilings, price floors and externalities, and compare policy responses by their trade-offs.

Lessons

  1. Choices at the margin 4 steps3 practiceabout 34 min
  2. Supply, demand and equilibrium 5 steps3 practiceabout 37 min
  3. Shifts and elasticity 5 steps3 practiceabout 37 min
  4. Price controls and externalities 5 steps4 practiceabout 37 min
  5. Microeconomics check 9 questions at the end

Keep exploring

More 12th grade social studies

Guide for grown-ups