tunisia tuesday, september 3€¦ · tunisia tuesday, september 3 warm up: (1) in yesterday’s...
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Tunisia Tuesday, September 3● Warm up: (1) In yesterday’s Econo Land simulation, what were
households selling? What were they buying? (2) What were businesses buying and selling? (3) What did leftover FoP, Econos and cash represent?
● Learning targets: I can describe the circular flow of the economy and draw a model to show the movement of money, resources, goods and services through the economy.
● New USA Test Prep (Unit 2 #1) is due by midnight this Friday, Sept. 6
Notebook checks on Fridays!
● Starting this unit, I will check your notebooks for the following elements:○ Learning target for each day○ Warm up for each day, including index cards○ Class notes○ Class handouts○ Returned quizzes and other work
● If you need help with organization, please let me know!
Phones!!!
Unit 2: Microeconomics
Test retakes: why do them?
● Because the point is for you to learn the material!!
● Because the material is still important and will appear on the EOCT.
Walla Walla Wednesday, September 4● Warm up: On your blue unit 2 sheet, read the standards
regarding circular flow, then circle all of the vocabulary words related to circular flow.
● Learning targets: I can explain what demand is; I can explain the law of demand. I can create a demand schedule and a demand graph.
● New USA Test Prep (Unit 2 #1) is due by midnight this Friday, Sept. 6
1. Josh goes to work at Subway
2. Devon buys a new pair of shoes at Foot Locker
3. Caroline’s grandmother receives her Social Security
check
4. Maddy and Dim buy new cash registers for their store
5. Imani’s uncle sells some of his land to a local farmer
6. Destiny pays income taxes
7. Macy’s pays its employees, Kennedy and Abraham,
every two weeks
8. Ticket Master sells Arfaath tickets to a concert
9. The federal government hires Kelin as an
environmental scientist
10. Nate writes a book and sells it through Amazon and
Barnes & Noble
11. Makayla works as a history teacher for DeKalb County
12. Congress approves tax credits for Cody’s solar-energy
companies
A Journey to Econo Land . . .
◻
Circular Flow Model Review1. Do individuals supply or demand?
2. Do businesses supply or demand?
3. Who demands in the product market?
4. Who supplies in the product market?
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Both, they demand products (finished G&S) and supply resources (FoP)
Both, they supply products and demand resources
Individuals and the government
BusinessesCopyright ACDC Leadership 2018
Practice Circular Flow Quiz
Let’s Play the Pyramid!
How NOT to play . . .1. Vote2. Capital3. What a snake might say4. Things that are heavy
Round 11. Things that make loud noises2. Command economy3. Factor market4. The Super Bowl5. Finished goods and services6. Inefficiency7. What a fish might say
Round 21. Households2. Circular flow of the economy3. Pep rally4. Factors of production5. What an elephant might say6. Labor7. Things that are bright
What is demand?
DEMAND● To have DEMAND for something you must be both WILLING
AND ABLE TO BUY A GOOD OR SERVICE
Raise your hand if …● You have DEMAND for the following goods:
DEMAND● To have DEMAND for something you must be both WILLING
and ABLE TO BUY A GOOD OR SERVICE
Threadbare Thursday, Sept. 5● Warm up: Get out the sheet that we prepared at the end of
class yesterday that contains the good or service that you will sell along with your five price points.
● Learning targets: I can explain what demand is; I can explain the law of demand. I can create a demand schedule and a demand graph.
● New USA Test Prep (Unit 2 #1) is due by midnight this Friday, Sept. 6
Class Expectations● When I am giving you notes or instructions:
● Sit up in your seat, listen, take notes, remain silent, raise your hand for questions.
● During simulations:● Follow the rules● Keep your voice at a reasonable level
● During independent work:● I will be working with each group throughout class.● Your group must be on task at all times, seated, and with voices at a
reasonable level. ● Failure to comply with these expectations will result in a call home.
Phones!!!
I’m calling Dr. Jackson today. No warnings.
Law of Demand: When the price of a good or service goes up, then the quantity demanded decreases.
When the price goes down, quantity demanded increases.
It’s an inverse relationship!
Click here for a video about demand--stop at 2:45
Let’s test the law of demand . . .
We can create a table and a graph that will show the range of quantities that a person will buy at different prices.
Work Period1. Your job is to decide on a product you could legally sell
to your classmates. You must decide on only ONE thing to sell--no changes or variations! The only change will be to the price.
2. Come up with a pricing plan—a range of five prices that you would be willing to sell the SAME item for and that you think your classmates might be willing to pay.
3. Create a chart to help you keep track of your classmates’ answers.
Work Period, continued4. Conduct a survey of classmates to see how many of your
item they would buy at each price. Remember, you are not changing the item, just the price at which you are offering it.
5. After you have surveyed seven people, create a demand schedule (table) and a demand graph on construction paper.
Demand Survey Example● I am selling one 2”x2” homemade triple-chunk brownie.
● My price range for one brownie is as follows; I will ask seven classmates how many brownies they would be willing to buy at each price:● $2.00
● $1.50
● $1.00
● $0.75
● $0.50
Demand Schedule for One Triple-Chunk Brownie
Price Quantity Demanded
Label for graph
$2.00 4 A
$1.50 8 B
$1.00 15 C
$0.75 20 D
$0.50 31 E
Now . . .● Create a demand
schedule and demand graph like this based upon the data that you gathered:
How do I show what happens when price of my product changes?
Let’s practice & turn in your problems. Please put your
name on the sheet. . .
Free to Be You and Me Friday, September 6● Learning target: I can describe what happens to quantity
demanded when the price of a good changes and I can show that change on a demand graph.
● Warm-up: Using your notes, your index cards and your blue unit 2 sheet, quiz your neighbor about the circular flow of the economy and demand to study for today’s quiz.
● Homework: USA Test Prep (Unit 2 #1) is due tonight at midnight. Watch the videos first, then do the activities!
Law of Demand The Law of Demand states that when the price of a good or service goes up, then the quantity demanded decreases.
When the price goes down, quantity demanded increases.
It’s an inverse relationship!
Demand Schedule for One Triple-Chunk Brownie
Price Quantity Demanded
Label for graph
$2.00 4 A
$1.50 8 B
$1.00 15 C
$0.75 20 D
$0.50 31 E
We can create a table and a graph that will show the range of quantities that people will buy at different prices.
How do I show what happens when price of my product changes?
QUANTITY DEMANDED● QUANTITY DEMANDED IS HOW MUCH IS BOUGHT AT A
PARTICULAR PRICE
● Example: ● If I buy 1 pair of flip-flops when the price is $20, then my
quantity demanded is 1 at $20 (Qd = 1) ● If I buy 4 pairs of flip-flops when the price is $2, then my
quantity demanded is 4 at $2 (Qd = 4)
What happens when we change the price of our good or service?
What happens when we change the price of our good or service?The QUANTITY
DEMANDED changes!!
We show a change in quantity demanded by moving to a new point along the original curve!!
0D
Price of Ice-Cream Cones
Quantity of Ice-Cream Cones
A
B
8
1.00
$2.00
4
Changes in Quantity DemandedAn increase in the price of ice-cream cones results in a movement along the demand curve.
Why does Ms. Browngive us so many darn quizzes?
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Supply: The Other Side of the Coin
What is SUPPLY?● The willingness and ability of a producer to make or
provide a good or service at a particular price.
● For today, you are going to think in the mindset of a PRODUCER.
Law of Supply When the price of a product goes up, quantity supplied goes up. When the price goes down, quantity supplied goes down. A positive relationship.
Producer/Supplier Survey1. Survey five students in class about how many hours they
would be able and willing to work at a particular job at a range of hourly wages.
2. Hourly wage range is $5, 10, 15, 20, 303. Jobs you may choose from are: babysitting 3-month-old
twins, digging ditches, roofing in July, cleaning out horse stables, math tutoring, teaching economics, picking onions in the summer, scraping gum off the bottom of desks at DHHS, taste-testing new Brussel-sprout recipes.
Create a table and graph for your survey data