Unit 2: The Basics
Students will learn about demand, supply, producer costs, and markets. It corresponds with the content from Ch. 4, Ch. 5, Ch. 7.2 & 7.3, and Ch. 6.
Wednesday, February 12: Bell Ringer - Do you have demand for cookies?
Students learned about demand, the willingness and ability of buyers to purchase different quantities of a good at different prices during a specific time period. They learned how to display the law of demand, a law stating that as price goes up, quantity demanded goes down and as price goes down quantity demanded goes up, in a demand schedule and a demand curve. They were assigned Demand! to review for Monday.
Thursday, February 13: Bell Ringer - What is demand?
Students learned about changes in demand. Demand can change (meaning the willingness or ability of a buyer to purchase a good changes) when 5 different factors are affects. The factors are: Income, preferences, price of a related good, number of buyers, and future price. When demand changes that means more or less of a good is willing and able to be purchased at all prices. The quantity demanded can also change. This is only affected by changes to PRICE and is shown with a movement along the demand curve.
Friday, February 14: Bell Ringer - What factors cause a change in demand?
Students practiced identifying and graphing changes in demand and changes in quantity demanded.
Tuesday, February 18: Bell Ringer - What is the difference between a change in demand and a change in quantity demanded?
Students learned about elasticity of demand, or how responsive consumers are to changes in price. Consumers are very responsive to a good with an elastic demand and not very responsive to a good with an inelastic demand.
Wednesday, February 19: Bell Ringer - What is elasticity of demand?
Students took their Chapter 4 quiz and then learned about the basics of supply.
Thursday, February 20: What is supply?
Students learned about the costs associated with producing a good: fixed costs, variable costs, total costs. They also learned how to calculate profit (TR-TC) through Total Revenue and Marginal Revenue.
Friday, February 21: What is the formula for profit?
Students used their knowledge about costs and revenue to graph 4 costs curves and better understand why the supply curve goes up and to the right. Students used their graphs to "see" information that helps a firm determine the number of goods to produce (where MR=MC), the Total Revenue (TR = P x Q), Total Costs (TC= FC + VC) and their Profit (Profit = TR - TC). They also learned that a firm's individual supply curve is its marginal costs curve.
Monday, February 24: Bell Ringer - How does a producer decide how many units of a good to produce?
Students learned about the factors (resource price, technology, taxes, subsidies, quotas, number of sellers, future price, weather) that cause a change in supply and practiced graphing those changes.
Tuesday, February 25: Bell Ringer - Which factors cause a change in supply? Change in quantity supplied?
Students practiced predict what would happen to supply in different scenarios.
Wednesday, February 26: Bell Ringer - What is the difference between a change in supply and a change in quantity supplied?
Students took their Chapters 5 & 7 quiz.
Thursday, February 27: Bell Ringer - What is a market?
Students participated in a simulation "Markets for Thingamajigs" to learn how supply and demand interacts to determine the market price.
Friday, February 28: Bell Ringer - What is market equilibrium?
Students discussed the first two rounds from yesterday's simulation. They learned how to graph market equilibrium. They also discussed what happens when a market is facing a shortage (QD>QS) or a surplus (QS>QD). Then they learned and "experienced" through their simulation, how a market reacts to a change in demand.
Monday, March 2: Bell Ringer - What happens to price when there is a shortage in the market?
Students practiced shifts in supply and/or demand and saw how they influenced market equilibrium.
Tuesday, March 3: Bell Ringer - How does price signal to producers what to produce?
Students played round 5 of "Market for Thingamajigs" when the city council imposes a price ceiling. After the simulation they learned about the effects price controls have on markets.
Wednesday, March 4: Bell Ringer - What is a price ceiling?
Students reviewed their Market Practice homework sheets and then reviewed the effects price controls have on markets.
Thursday, March 5: Bell Ringer - What can the Total Revenue test tell you about a goods' demand?
Students reviewed for their Unit 2 Test.
Students learned about demand, the willingness and ability of buyers to purchase different quantities of a good at different prices during a specific time period. They learned how to display the law of demand, a law stating that as price goes up, quantity demanded goes down and as price goes down quantity demanded goes up, in a demand schedule and a demand curve. They were assigned Demand! to review for Monday.
Thursday, February 13: Bell Ringer - What is demand?
Students learned about changes in demand. Demand can change (meaning the willingness or ability of a buyer to purchase a good changes) when 5 different factors are affects. The factors are: Income, preferences, price of a related good, number of buyers, and future price. When demand changes that means more or less of a good is willing and able to be purchased at all prices. The quantity demanded can also change. This is only affected by changes to PRICE and is shown with a movement along the demand curve.
Friday, February 14: Bell Ringer - What factors cause a change in demand?
Students practiced identifying and graphing changes in demand and changes in quantity demanded.
Tuesday, February 18: Bell Ringer - What is the difference between a change in demand and a change in quantity demanded?
Students learned about elasticity of demand, or how responsive consumers are to changes in price. Consumers are very responsive to a good with an elastic demand and not very responsive to a good with an inelastic demand.
Wednesday, February 19: Bell Ringer - What is elasticity of demand?
Students took their Chapter 4 quiz and then learned about the basics of supply.
Thursday, February 20: What is supply?
Students learned about the costs associated with producing a good: fixed costs, variable costs, total costs. They also learned how to calculate profit (TR-TC) through Total Revenue and Marginal Revenue.
Friday, February 21: What is the formula for profit?
Students used their knowledge about costs and revenue to graph 4 costs curves and better understand why the supply curve goes up and to the right. Students used their graphs to "see" information that helps a firm determine the number of goods to produce (where MR=MC), the Total Revenue (TR = P x Q), Total Costs (TC= FC + VC) and their Profit (Profit = TR - TC). They also learned that a firm's individual supply curve is its marginal costs curve.
Monday, February 24: Bell Ringer - How does a producer decide how many units of a good to produce?
Students learned about the factors (resource price, technology, taxes, subsidies, quotas, number of sellers, future price, weather) that cause a change in supply and practiced graphing those changes.
Tuesday, February 25: Bell Ringer - Which factors cause a change in supply? Change in quantity supplied?
Students practiced predict what would happen to supply in different scenarios.
Wednesday, February 26: Bell Ringer - What is the difference between a change in supply and a change in quantity supplied?
Students took their Chapters 5 & 7 quiz.
Thursday, February 27: Bell Ringer - What is a market?
Students participated in a simulation "Markets for Thingamajigs" to learn how supply and demand interacts to determine the market price.
Friday, February 28: Bell Ringer - What is market equilibrium?
Students discussed the first two rounds from yesterday's simulation. They learned how to graph market equilibrium. They also discussed what happens when a market is facing a shortage (QD>QS) or a surplus (QS>QD). Then they learned and "experienced" through their simulation, how a market reacts to a change in demand.
Monday, March 2: Bell Ringer - What happens to price when there is a shortage in the market?
Students practiced shifts in supply and/or demand and saw how they influenced market equilibrium.
Tuesday, March 3: Bell Ringer - How does price signal to producers what to produce?
Students played round 5 of "Market for Thingamajigs" when the city council imposes a price ceiling. After the simulation they learned about the effects price controls have on markets.
Wednesday, March 4: Bell Ringer - What is a price ceiling?
Students reviewed their Market Practice homework sheets and then reviewed the effects price controls have on markets.
Thursday, March 5: Bell Ringer - What can the Total Revenue test tell you about a goods' demand?
Students reviewed for their Unit 2 Test.
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