In this portion of the course, you learned about demand and supply analysis. Demand and supply analysis is fundamental to an understanding of how a capitalist or market-oriented economy works. You also learned how to analyze demand and supply and how they influence quantities and prices.
Competency 1 – Applies economic theory to address decision-making in households and business firms. 1.1 The Economic Way of Thinking In this section, you learned that scarcity is an integral part of t
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