While learning the concept of Economics, we mostly focused on the supply and demand curves and economics. I learned that price, supply, demand, quantity, were all related to each other in some way, and that there were 4 possible economic shocks. We worked on booklets to perfect our graphs, and also made a broadcast to demonstrate our understanding. In these graphs, when supply and demand shift left or right, they will eventually create a new equilibrium point.
This is related to needs and wants because if the needs and wants of a market differs, the economic shock which comes with it will differ as well.
This also helps us answer “respond” in the guiding question, because these economic results are the response/results of the needs and wants of the market. For example, if a product became popular, the market would respond by increasing supply, then so on and so on.
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Wonderful reflection on the concepts we covered in class, and it provides a great review on everything we learned about economics. Could be improved by adding in a bit more of explanations on its relations with previously studied topics.