Unit 2 Mini-Test: OCTOBER 4/5!
Unit 2 Comprehensive Test: OCTOBER 18/19!
Unit 2: Supply and Demand
This unit introduces students to the study of microeconomics. Students explore market behavior of individual consumers and firms in an attempt to understand the decision-making process of households and businesses. They examine the interaction between individual buyers/consumers and sellers/ producers and the factors that influence the choices they make. Through case studies and scenarios, students apply the Law of Demand and Law of Supply. In doing so, theyanalyze the interactions of buyers/consumers and sellers/producers when a market condition such as income, technology, size of the market, or price of compliment or substitute goods changes. Using a simulation, students discover how competitive pressures in a market economy resolve the differences between the goals of buyers and the goals of sellers. These competitive pressures, in the absence of any outside interference, result in a market clearing price (equilibrium). Students investigate how a variety of changes in the marketplace affect quantity demanded, quantity supplied, and the market clearing (equilibrium) price. In addition, students consider how changes in price affect the behavior of buyers and sellers (elasticity). Next, students analyze how incentives affect choices of individuals and organizations. Students then explore and assess the intended and unintended consequences of market distortions such as price floors and price ceilings in a market economy. The unit concludes with students engaging in substantive discourse about microeconomics in theory and practice.
Chapter 4 Section 1 - Law of Demand (9/25-9/26)
Today, after students reviewed their test results, we discussed the basics behind the law of demand. Students completed their daily spark and completed their notes. Last, students are to complete their Career Cruising plan. Students are to receive their log-in information from Mr. Demetral.
Chapter 4 Section 2 - Demand Shifters (9/27-9/28)
Today, student took a note quiz on Chapter 4 Section 1, dealing with the basics of demand. Following their quiz, students completed a daily spark that looked at why people purchase designer clothes for children. Our lecture/discussion today was centered on Chapter 4 Section 2, which dealt with changes in demand that can be caused by factors other than price.
For homework, students were to complete the attached Demand Shifter activity.
Chapter 4 Section 3 - Elasticity of Demand (10/1-10/2)
Following our note quiz and daily spark journal, students completed their guided notes on Elasticity of Demand. We discussed how some consumers will continue to demand some goods and services despite increases in price.
Following our class discussion, students were responsible for completing the following exercise. Those in class were given the option of working with a partner to discuss their responses.
Chapter 5 Section 1 - Law of Supply (10/4-10/5)
Students have spent the last 3 classes focusing on the CONSUMER side of the marketplace. Today we began our discussions on SUPPLY, looking at market interactions from the perspective of the seller. Below are our discussion notes.
Following our daily spark, where we looked at student incentives for better grades, and our notes/discussion on Chapter 5 Section 1, students were assigned an activity that focused on the problem of low voter turnout in the United States. Can we create an incentive for potential voters to get them to turn out for elections? Maybe the Law of Supply can help. See activity below:
Chapter 5 Section 2 - Supply Shifters (10/8-10/9)
Today's lesson centered on the idea that other factors besides price may increase or decrease the supply of goods and services. Students first completed a note quiz on Chapter 5 Sec 1. They then reflected on a daily spark that focused on the idea that taxation is often used to limit the supply of goods deemed harmful to the public. We then completed the guided notes below.
Chapter 5 Section 3 - Production Costs (10/10-10/11)
Today's lesson focused on how sellers determine how much of their product to supply in the hopes of maximizing profits. Following their note quiz on chapter 5 section 2, student completed a daily spark journal. We then completed our guided notes on section 3. Finally, students were assigned their unit 2 projects that focused on the idea of excise taxes and whether or not they should be enacted to sway suppliers and consumers from purchasing the product or service.
Students may want to use the following article to help them with brainstorming for their project:
The following link may also help you to understand the effects of excise taxes:
Fat Tax Article
Fat Tax Article
Chapter 6 Section 1 - Price (10/16-10/17)
Today, students closed out the unit by discussing how consumers and suppliers come together in agreement on price in the marketplace. We began class with a daily spark journal entry followed by our lesson/discussion. Following our lecture, students then took part in a unit review session (Jeopardy).
The following assignment was given as homework to further practice calculating the market clearing price.