What is the Price Mechanism?

Lesson Objective -

1. Explain the Economic problem

2. Define key terms: scarcity, resources, allocation of resources, choice, invisible hand, price mechanism

3. Reflect: How have I benefited from the price mechanism at work (Personal Update 1 - 200 words, references needed)

4. Comment on 2 Peers' Updates (75 words using terms and ideas learned, references not required)

Pre-Session Material

Introduction to Father of Economics - Adam Smith

https://mru.org/courses/development-economics/adam-smith

Introduction to the field of Economics

https://www.youtube.com/watch?v=g9uUIUqhrSQ

Introduction to Price Mechanism

https://www.youtube.com/watch?v=t3QMC_TeP-Q