{"id":2806,"date":"2023-02-19T16:10:50","date_gmt":"2023-02-19T16:10:50","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/apply-it-2-3-microeconomics\/"},"modified":"2023-07-20T18:23:09","modified_gmt":"2023-07-20T18:23:09","slug":"apply-it-2-3-microeconomics","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/apply-it-2-3-microeconomics\/","title":{"raw":"Apply It 2.3: Microeconomics","rendered":"Apply It 2.3: Microeconomics"},"content":{"raw":"<section class=\"textbox learningGoals\">\r\n<ul>\r\n \t<li>Understand the law of demand and how it is visually represented<\/li>\r\n \t<li>Understand the law of supply and how it is visually represented<\/li>\r\n \t<li>Understand surpluses and shortages<\/li>\r\n \t<li>Understand equilibrium price and quantity<\/li>\r\n \t<li>Identify factors that can change supply and demand<\/li>\r\n<\/ul>\r\n<\/section><section class=\"textbox connectIt\">\r\n<h2>What Happened to the Price of Cars?<\/h2>\r\n<iframe src=\"\/\/plugin.3playmedia.com\/show?mf=9475099&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=Md8ZEQ1qRPA&amp;video_target=tpm-plugin-i6l3cg59-Md8ZEQ1qRPA\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe>\r\n<p class=\"p1\">You can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/WhatYouShouldKnowAboutTheCarChip_transcript.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cWhat You Should Know About The Car Chip #Shortage\u201d here (opens in new window).<\/span><\/a><\/p>\r\n[ohm2_question height=\"500\" hide_question_numbers=1]3311[\/ohm2_question]\r\n\r\n<\/section><section class=\"textbox interact\">\r\n<h2>Simulation: Demand for Food Trucks<\/h2>\r\nPlay the simulation below multiple times to see how different choices lead to different outcomes. All simulations allow unlimited attempts, so that you can gain experience applying the concepts.\r\n<iframe src=\"https:\/\/www.branchtrack.com\/projects\/bchxj1p8\/embed\" width=\"850\" height=\"500\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe>\r\n\r\n<\/section>","rendered":"<section class=\"textbox learningGoals\">\n<ul>\n<li>Understand the law of demand and how it is visually represented<\/li>\n<li>Understand the law of supply and how it is visually represented<\/li>\n<li>Understand surpluses and shortages<\/li>\n<li>Understand equilibrium price and quantity<\/li>\n<li>Identify factors that can change supply and demand<\/li>\n<\/ul>\n<\/section>\n<section class=\"textbox connectIt\">\n<h2>What Happened to the Price of Cars?<\/h2>\n<p><iframe loading=\"lazy\" src=\"\/\/plugin.3playmedia.com\/show?mf=9475099&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=Md8ZEQ1qRPA&amp;video_target=tpm-plugin-i6l3cg59-Md8ZEQ1qRPA\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe><\/p>\n<p class=\"p1\">You can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/WhatYouShouldKnowAboutTheCarChip_transcript.html\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">transcript for \u201cWhat You Should Know About The Car Chip #Shortage\u201d here (opens in new window).<\/span><\/a><\/p>\n<p><iframe loading=\"lazy\" id=\"ohm3311\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=3311&theme=lumen&iframe_resize_id=ohm3311&source=tnh\" width=\"100%\" height=\"500\"><\/iframe><\/p>\n<\/section>\n<section class=\"textbox interact\">\n<h2>Simulation: Demand for Food Trucks<\/h2>\n<p>Play the simulation below multiple times to see how different choices lead to different outcomes. All simulations allow unlimited attempts, so that you can gain experience applying the concepts.<br \/>\n<iframe loading=\"lazy\" src=\"https:\/\/www.branchtrack.com\/projects\/bchxj1p8\/embed\" width=\"850\" height=\"500\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<\/section>\n","protected":false},"author":21,"menu_order":22,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Demand for Food Trucks\",\"author\":\"Clark Aldrich for Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"copyrighted_video\",\"description\":\"What You Should Know About The Car Chip #Shortage\",\"author\":\"Toyota of Orlando\",\"organization\":\"\",\"url\":\"https:\/\/youtu.be\/Md8ZEQ1qRPA\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard Youtube License\"}]","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"part":2786,"module-header":"apply_it","content_attributions":[{"type":"cc","description":"Demand for Food Trucks","author":"Clark Aldrich for Lumen Learning","organization":"","url":"","project":"","license":"cc-by","license_terms":""},{"type":"copyrighted_video","description":"What You Should Know About The Car Chip #Shortage","author":"Toyota of Orlando","organization":"","url":"https:\/\/youtu.be\/Md8ZEQ1qRPA","project":"","license":"arr","license_terms":"Standard Youtube License"}],"internal_book_links":[],"video_content":null,"cc_video_embed_content":{"cc_scripts":"","media_targets":[]},"try_it_collection":null,"_links":{"self":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2806"}],"collection":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/users\/21"}],"version-history":[{"count":11,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2806\/revisions"}],"predecessor-version":[{"id":7419,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2806\/revisions\/7419"}],"part":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/parts\/2786"}],"metadata":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2806\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/media?parent=2806"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapter-type?post=2806"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/contributor?post=2806"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/license?post=2806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}