DEMAND WARM UP WRITE DOWN THREE CONTENTBASED QUESTIONS
DEMAND
WARM UP • WRITE DOWN THREE CONTENT-BASED QUESTIONS THAT YOU HAVE FOR THE QUIZ • DON’T 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 15 TH (200 POINTS) • STOCK MARKET PROJECT FINAL PORTFOLIO DUE ON MAY 15 TH (100 POINTS)
LEARNING OBJECTIVES ENHANCE REVIEW SKILLS • • SYNTHESIZE ECONOMIC SYSTEMSFREE 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 SYSTEMS-FREE 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 • 2 ND PLACE= 7 POINTS EXTRA CREDIT • 3 RD PLACE= 5 POINTS EXTRA CREDIT
CHARADES • -ONE GROUP MEMBER WILL ACT OUT A WORD • -THE GROUP MEMBER CAN’T 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 THE LYRICS TO A SONG • RE-WRITE A SONG THAT YOU KNOW USING VOCABULARY WORDS THAT YOU THINK 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 APPRORPRIATE
CREATE YOUR OWN MATCHING SHEET • CREATE YOUR OWN MATCHING SHEET TO STUDY FOR THE QUIZ • ON THE LEFT SIDE OF YOUR PAPER, WRITE OUT 2 O 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 SYSTEMS- FREE ENTERPRISE • TRANSITION INTO DEMAND
TAKE QUIZ ON ECON SYSTEMS-DEMAND • TAKE QUIZ • EYES ON YOUR OWN PAPER • NO TALKING • PUT QUIZ ON TA’S 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?
ANALYZING DEMAND • DEMAND: THE QUANTITY OF A GOOD OR SERVICE 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
BIGGIE’S 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 • 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 • 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 UNDERSTANDING • RANK THE FACTORS THAT CAN 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 • WHAT IS 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 SYSTEMS-DEMAND
LEARNING OBJECTIVES • ANALYZE FACTORS THAT IMPACT THE ELASTICITY OF A PRODUCT • INTERPRET TOTAL REVENUE • ENHANCE WRITING ABILITIES
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. 2. 3. 4. PHARMACEUTICAL COMPANIES ENTERTAINMENT SOFTWARE COMPANIES PG&E 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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