Read Exploring Business – Chapter 1.4.

Watch video on Perfect Competition.

Play Kahoot.

Learning Targets:

• I understand that in a free market system, buyers and sellers interact in a market to set prices.
• I can define perfect competition.
• I can discuss supply and demand as it relates to perfect competition.
• I understand that the equilibrium price is the price at which buyers are willing to buy the same amount that sellers are willing to sell.