Discussion-Based Assessment Module 2: Economic Supply and Demand Competency Statement: Students will demonstrate an understanding of economic supply and demand by summarizing the laws of supply and demand, explaining economic elasticity, comparing market equilibrium, and analyzing trade regulations. Explain what the competency statement means in your own words. Summarize the differences between the Law of Demand and the Law of Diminishing Marginal Utility. Summarize what elasticity is and why it matters. Identify the elements of the acronym SPLAT and explain how it works with determining price elasticity. Compare the difference between market equilibrium and market disequilibrium. Analyze the reasons for levying tariffs. Do you agree with these reasons? Explain

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To demonstrate an understanding of economic supply and demand you need to be able to explain the fundamental concepts of supply and demand understand ... View the full answer