Question #5. Key Idea #5 Explain in your own words Why is i…
Question #5. Key Idea #5 Explain in your own words Why is it important? Use an example of how this works in the real world. If applicable, use one of the examples brought out in one of the videos we we watched in class (i.e., The Economics of Starbucks, Chipotle, Home Depot, etc). You can also use examples from your own life. What personal or societal problems can occur when this Key Idea is not followed, used, or violated? NOTE: This is a bigger question than the others. Spend some time explaining how buyers and sellers interact (supply and demand will help explain) and what is the results. You can also talk about the types of market structures.
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