Supply and Demand

Supply and Demand

D N A M E D WARM UP WRITE DOWN THREE CONTENTBASED QUESTIONS THAT YOU HAVE FOR THE QUIZ

DONT ANSWER YOUR OWN QUESTIONS HOMEWORK: COMPLETE STUDY GUIDE WRITE OUT ALL NOTES AND RELEVANT MATERIAL FOR EVERYTHING ON THE STUDY GUIDE LOOKING AHEAD QUIZ ON ECONOMIC SYSTEMS- PER. 3: FRIDAY, PER. 7: THURSDAY

I WILL BE DOING A WARM UP CHECK DURING THE QUIZ GOING BACK TO FIRST DAY OF SECOND SEMESTER COMMUNITY SERVICE HOURS SHEET DUE ON APRIL 15TH (200 POINTS) STOCK MARKET PROJECT POINTS)

FINAL PORTFOLIO DUE ON MAY 15TH (100 LEARNING OBJECTIVES ENHANCE REVIEW SKILLS SYNTHESIZE ECONOMIC SYSTEMS-FREE ENTERPRISE ENGAGE IN COLLABORATIVE LEARNING

SWITCH WARM UPS WITH A PARTNER HAVE YOUR PARTNER ANSWER YOUR QUESTIONS SWITCH BACK SEE WHAT QUESTIONS YOU HAVE FOR ME

QUIZ REVIEW SHEET COMPLETE THE REVIEW SHEET FOR THE QUIZ ON ECONOMIC SYSTEMSFREE ENTERPRISE KAHOOT THIS IS ONE TIME THAT YOU WILL BE ALLOWED TO USE YOUR CELL PHONES

LOGIN TO KAHOOT. IT ENTER YOUR NAME PLUG IN THE PIN CODE THAT I WILL SHOW YOU WINNER= 10 POINTS EXTRA CREDIT ON QUIZ 2ND PLACE= 7 POINTS EXTRA CREDIT 3RD PLACE= 5 POINTS EXTRA CREDIT CHARADES -ONE GROUP MEMBER WILL ACT OUT A WORD -THE GROUP MEMBER CANT TALK OR DRAW -THE GROUP HAS 30 SECONDS TO GUESS THE WORD ON THE CARD

-POINTS WILL BE TAKEN AWAY IF A GROUP COMPLAINS RE-WRITE A SONG THAT YOU KNOW USING RE-WRITE THE LYRICS TO A VOCABULARY WORDS THAT YOU THINK SONG WILL BE ON THE QUIZ USE THIS AS A WAY TO PREPARE FOR THE QUIZ

YOU HAVE THE CHOICE OF SINGING THE SONG FOR CLASS, OR MAKING MR. ROSENBERG SING IT ALL LYRICS MUST BE CLASSROOM CREATE YOUR OWN MATCHING SHEET

CREATE YOUR OWN MATCHING SHEET TO STUDY FOR THE QUIZ ON THE LEFT SIDE OF YOUR PAPER, WRITE OUT 2O VOCAB TERMS THAT YOU THINK WILL BE ON THE QUIZ LEAVE SOME SPACE TO THE LEFT OF EACH VOCAB TERM ON THE RIGHT SIDE OF YOUR PAPER, WRITE OUT DEFINITIONS FOR EACH TERM, BUT NOT IN THE SAME ORDER THAT YOU WROTE YOUR VOCAB TERMS HAVE YOUR

PARTNER FILL OUT YOUR MATCHING SHEET WARM UP GET READY TO TAKE QUIZ ON ECON SYSTEMS-FREE ENTERPRISE PUT WARM UPS UNDER YOUR DESK AND READY FOR ME TO CHECK HOMEWORK: COMMUNITY SERVICE

CHECK IN IN 2-3 PARAGRAPHS, EXPLAIN THE FOLLOWING A.AN EXPLANATION OF WHAT YOU ARE DOING AND HOW YOU ARE HELPING B.WHAT ARE YOU LEARNING FROM THIS EXPERIENCE- ABOUT YOURSELF, YOUR COMMUNITY, AND DOING SERVICE FOR YOUR COMMUNITY, TIME MANAGEMENT C.WHY YOU BELIEVE COMMUNITY SERVICE IS IMPORTANT AND HOW YOU PLAN TO CONTINUE HELPING YOUR COMMUNITY AFTER YOU GRADUATE LEARNING OBJECTIVES

ENHANCE QUIZ-TAKING SKILLS SYNTHESIZE ECONOMIC SYSTEMSFREE ENTERPRISE TRANSITION INTO DEMAND TAKE QUIZ ON ECON SYSTEMS-DEMAND TAKE QUIZ EYES ON YOUR OWN PAPER NO TALKING PUT QUIZ ON TAS DESK WHEN YOU

ARE FINISHED TRANSITIONING QUESTION WHAT DO YOU ALREADY KNOW ABOUT THE LAW OF SUPPLY AND DEMAND? IN WHAT WAYS HAVE WE SEEN THIS LAW OF SUPPLY AND DEMAND PLAYED OUT IN CLASS? OF A GOOD OR SERVICE ANALYZING

DEMAND: THE QUANTITYDEMAND THAT CONSUMERS ARE WILLING AND ABLE TO BUY AT VARIOUS PRICES LAW OF DEMAND: AS THE PRICE OF A GOOD OR SERVICE INCREASES, THE QUANTITY DEMANDED DECREASES, AND VICE VERSA

SUBSTITUTION GOOD: GOODS THAT ARE USED IN PLACE OF ONE ANOTHER WHICH SATISFY THE SAME BASIC WANT AS ANOTHER PRODUCT COMPLEMENTARY GOOD: A PRODUCT THAT IS USED TOGETHER WITH ANOTHER PRODUCT CHECK FOR UNDERSTANDING DO YOU BELIEVE THE LAW OF DEMAND IS ALWAYS

TRUE? WHY OR WHY NOT? IDENTIFY THREE EXAMPLES OF SUBSTITUTE GOODS IDENTIFY THREE EXAMPLES OF COMPLEMENTARY GOODS MAKE THAT MONEY: ELIMINATE THE COMPETITION WRITE A 1-PARAGRAPH SCENARIO IN WHICH YOU BECOME A COMPETITOR FOR PRODUCING A GOOD THAT YOU THINK IS OVERLY PRICED

YOUR SCENARIO HAS TO DEMONSTRATE THE LAW OF DEMAND, SUBSTITUTION GOODS, AND COMPLEMENTARY GOODS YOU HAVE TO EXPLAIN WHY YOU ARE GOING TO BE MAKING MONEY IN THIS SCENARIO YOU NEED 3 GRAPHICS OR IMAGES TO HELP EXPLAIN THE SCENARIO YOU HAVE CREATED

DEMAND SCHEDULE MARKET DEMAND SCHEDULE: A TABLE THAT LISTS THE QUANTITY OF A GOOD ALL CONSUMERS IN MARKET WILL BUY AT EACH DIFFERENT PRICE INDIVIDUAL DEMAND SCHEDULE: TABLE THAT LISTS THE QUANTITY OF A GOOD THAT ONE PERSON WILL BUY AT EACH PRICE

UNDER YOUR PARAGRAPH, CREATE AN INDIVIDUAL DEMAND SCHEDULE AND A MARKET DEMAND SCHEDULE FOR THE GOOD THAT YOU ARE PRODUCING BIGGIES INDIVIDUAL DEMAND SCHEDULE Price of Dog Treats Quantity Demanded Per Day $1.00

5 $2.00 4 $3.00 3 $4.00

2 $5.00 1 $6.00 0 BIGGIE INC.S MARKET DEMAND

SCHEDULE Price of Dog Treats Quantity Demanded Per Day $1.00 300 $2.00 250

$3.00 200 $4.00 150 $5.00 100

$6.00 50 WARM UP WHAT IS THE DIFFERENCE BETWEEN AN INDIVIDUAL AND MARKET SCHEDULE? WHICH ONE WOULD FALL UNDER MACROECONOMICS AND WHICH ONE WOULD FALL UNDER MICROECONOMICS?

HOMEWORK: COMMUNITY SERVICE CHECK IN EXPLAIN THE FOLLOWING IN 2-3 PARAGRAPHS, A. AN EXPLANATION OF WHAT YOU ARE DOING AND HOW YOU ARE HELPING B. WHAT ARE YOU LEARNING FROM THIS EXPERIENCE- ABOUT YOURSELF, YOUR COMMUNITY, AND DOING SERVICE FOR YOUR COMMUNITY, TIME MANAGEMENT C. WHY YOU BELIEVE COMMUNITY SERVICE IS IMPORTANT AND

HOW YOU PLAN TO CONTINUE HELPING YOUR COMMUNITY AFTER YOU GRADUATE LEARNING OBJECTIVES ANALYZE FACTORS THAT IMPACT DEMAND OF A GOOD ENHANCE READING AND WRITING ABILITIES INTERPRET DEMAND VOCABULARY

CREATE AN INDIVIDUAL AND MARKET DEMAND CURVE DEMAND CURVE: A GRAPHIC REPRESENTATION OF A DEMAND SCHEDULE THINKING QUESTION HOW DOES THE PRICE OF A GOOD

IMPACT DEMAND? WHAT OTHER FACTORS COULD IMPACT THE DEMAND OF A GOOD OTHER THAN PRICE? FACTORS THAT CAN CHANGE THE DEMAND OF A GOOD INCOME NUMBER OF CONSUMERS CONSUMER TASTES AND PREFERENCES

CONSUMER EXPECTATIONS PRICE OF SUBSTITUTE GOODS PRICE OF COMPLEMENTARY GOODS CHECK FOR RANK THE FACTORS THAT CAN UNDERSTANDING CHANGE THE DEMAND OF A GOOD FROM MOST IMPACTFUL TO LEAST IMPACTFUL

BE READY TO EXPLAIN WHY YOU RANKED THE FACTORS IN THE WAY THAT YOU DID JOURNAL 6: THE SURGING HISPANIC ECONOMY WHAT DO NATIONWIDE STATISTICS, FROM 1990-2003, TELL US ABOUT THE INCOME OF LATINOS? WHAT EXAMPLES OF HISPANIC ENTREPRENEURS DOES THE ARTICLE GIVE? ACCORDING TO THE ARTICLE, WHY WERE SOME BUSINESSES HAVING TROUBLE SELLING PRODUCTS TO THE HISPANIC MARKET? THIS ARTICLE FOCUSES ON CHARLESTON, S.C.-

DO YOU THINK IT WOULD BE DIFFERENT IF THE AUTHOR FOCUSED ON CALIFORNIA? WHY OR WHY NOT? WHICH DEMAND FACTOR DO YOU THINK IS MOST IMPORTANT WHEN CONSIDERING THE ECONOMIC CHANGES AS A RESULT OF INCREASING HISPANIC CONSUMERS, PRODUCERS, EMPLOYEES, AND EMPLOYEES? NORMAL AND INFERIOR GOODS NORMAL GOOD:

GOOD THAT CONSUMERS DEMAND MORE OF WHEN THE INCOME OF THE CONSUMER INCREASES INFERIOR GOOD: GOOD THAT CONSUMERS DEMAND LESS OF WHEN THE INCOME OF THE CONSUMER INCREASES CREATE A LIST OF 5 GOODS THAT YOU WOULD CONSIDER NORMAL AND INFERIOR GOODS WARM

UP IS WHAT THE DIFFERENCE BETWEEN A NORMAL AND INFERIOR GOOD? HOMEWORK: COMPLETE TEST STUDY GUIDE

WRITE OUT ALL NOTES AND RELEVANT MATERIAL FOR EVERYTHING ON THE STUDY GUIDE LEARNING OBJECTIVES ANALYZE ELASTICITY AND DEMAND ENGAGE IN ARTISTIC EXPRESSION INTERPRET DEMAND VOCABULARY ELASTICITY AND DEMAND ELASTICITY:

MEASURE OF THE DEGREE TO WHICH THE QUANTITY DEMANDED OR SUPPLIES OF A GOOD OR SERVICE CHANGES IN RESPONSE TO CHANGE IN PRICE ELASTICITY OF DEMAND: MEASURE OF CONSUMERS SENSITIVITY TO A CHANGE IN PRICE INELASTIC:

DESCRIBES DEMAND THAT IS NOT VERY SENSITIVE TO A CHANGE IN PRICE ELASTIC: DESCRIBES DEMAND THAT IS VERY SENSITIVE TO A CHANGE IN PRICE CHECK FOR UNDERSTANDING IDENTIFY THREE GOODS THAT ARE ELASTIC

IDENTIFY THREE GOODS THAT ARE INELASTIC EXPLAIN WHY YOU CATEGORIZED THESE GOODS AS INELASTIC OR ELASTIC ARTISTIC EXPRESSION FOR EACH OF THE FOLLOWING TERMS, CREATE A DRAWING TO SHOW WHAT THEY MEAN: 1.ELASTIC 2.INELASTIC 3.NORMAL GOOD 4.INFERIOR GOOD

DEMAND VOCAB SHEET COMPLETE THE DEMAND VOCAB SHEET IN-CLASS TIME TO WORK ON STUDY GUIDES USE THIS IN-CLASS TIME TO WORK ON YOUR ON STUDY GUIDES FOR THE UPCOMING

TEST WARM UP WHAT FACTORS CAN YOU NAME THAT WILL IMPACT THE ELASTICITY OF A GOOD? HOMEWORK: COMPLETE TEST STUDY GUIDE COMPLETE THE STUDY GUIDE FOR THE

TEST ON ECON SYSTEMS-DEMAND BY WRITING OUT ALL RELEVANT NOTES AND MATERIAL FOR EACH WORD, TERM, CONCEPT, PERSON, PLACE, IDEA, ETC. THAT YOU THINK WILL BE ON THE TEST LOOKING AHEAD: TEST NEXT WEEK TEST ON ECON SYSTEMSDEMAND

LEARNING OBJECTIVES ANALYZE FACTORS THAT IMPACT ELASTICITY OF A PRODUCT INTERPRET TOTAL REVENUE ENHANCE WRITING ABILITIES THE FACTORS THAT AFFECT

ELASTICITY 1. AVAILABILITY OF SUBSTITUTES 2. PRICE RELATIVE TO INCOME 3. NECESSITIES VS. LUXURIES 4. PRICE CHANGES OVER TIME DISCUSSION QUESTIONS WHAT GOODS CAN YOU THINK OF THAT USED TO BE LUXURIES BUT ARE NOW CONSIDERED NECESSITIES?

HOW HAS THIS CHANGE OVER TIME IMPACTED THE ELASTICITY OF THESE GOODS? WHAT IS ETHICS? HOW COULD DEMAND BECOME AN ETHICAL ISSUE? TOTAL REVENUE TOTAL REVENUE:

THE TOTAL AMOUNT OF MONEY A FIRM RECEIVES BY SELLING GOODS OR SERVICES THINK ABOUT THE FOLLOWING PRODUCERS: WHICH CAN EXPECT A REVENUE INCREASE FROM HIGHER PRICES AND WHICH CAN EXPECT A REVENUE DECREASE FROM HIGHER PRICES. BE READY TO EXPLAIN WHY YOU THINK THIS: 1. PHARMACEUTICAL COMPANIES 2. ENTERTAINMENT SOFTWARE COMPANIES

3. PG&E 4. SPORTSWEAR MANUFACTURER CHECK FOR UNDERSTANDING WHAT IS ELASTICITY AND WHAT ROLE DOES IT PLAY IN ECONOMICS? IN CLASS TIME TO WORK ON STUDY GUIDES

USE THIS IN-CLASS TIME TO WORK ON YOUR ON STUDY GUIDES FOR THE UPCOMING TEST

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