SUPPLY PART 2 WARM UP What is Downsizing

SUPPLY: PART 2

WARM UP What is Downsizing and how can this become an ethical issue?

HOMEWORK Read through pages 108 - 114 and answer questions 1 -7 in Section 2 Assessment on page 114

LOOKING AHEAD Test Next Week Marriage Project Binder due the week before Finals- I took out the Presentation Part Final Exam on Finals Week

LEARNING OBJECTIVES Analyze Supply Vocabulary Engage in Collaborative Learning Build Connections to your life

LOOKING AHEAD Test Next Week: Free Enterprise, Demand, Supply Be ready for Notebook Check going back to 9/1

TESTING PRIOR KNOWLEDGE Have you ever heard the word Subsidy? What do you think it means? Identify an example of a real life Subsidy and explain why this is a Subsidy

VOCABULARY Input: Quantity of resources needed to produce a product Output: Quantity of a product a producer puts out Subsidy: Government payment that supports a business or market Regulation: Government intervention in a market that affects the production of a good

EXAMPLES OF SUBSIDIES FDR’s New Deal Program Food Stamps- How is this an example of a Subsidy? Medical Insurance Solar Energy Indonesia- National Car Company France: Small Farms- Why do you think the French would do this? US Post Office- Why do you think the US would do this?

CHECK FOR UNDERSTANDING What does “Output” mean in Economic Terms? What does “Input” mean in Economic Terms? How will a rise in the cost of an input impact the supply of a good? Can you think of real world examples where this is seen? How will a decrease in the cost of an input impact the supply of a good? Can you think of real world examples where this is seen? How do you think technology will impact Input Costs? What real-world government regulations can you think of that are put on the economy? Can you think of times when the government has subsidized a producer?

YOU CREATE THE SKIT: GROUP WORK In a group of 4 -5 people, you will be given an example of a Subsidy, and asked to write out a skit that demonstrates how this impacts different people Include a narrator, a producer, a government economist, a government regulator, and a consumer of the product You need to write out a script for your skit that is 3 -4 minutes long and demonstrates how a government subsidy impacts groups of people differently Be sure to consider the Pros and Cons of a Subsidy for each person in the group Everyone in the group needs to have a role

GROUP PRESENTATIONS Remember Good Public Speaking Skills: -Engaging Voice -Rehearse what you will be saying -Make eye contact with the audience -Good pacing: Don’t go too fast or too slow -Be aware of body movements -Stay Chill

EXCISE TAXES Excise Taxes: Tax on the production or sale of a good Cigarette Taxes Alcohol Taxes High-Pollutant Gasoline Highway Usage of Trucks Private Luxury Airplanes

SUPPLY WORKSHEET Fill out the Review Worksheet for Supply

EXIT TICKET Why would the government put an excise tax on a good?

WARM UP Identify two ways that the government can impact the supply of a product that a producer makes and explain how the government is impacting the supply through these ways

HOMEWORK Read through pages 108 - 114 and answer questions 1 -7 in Section 2 Assessment on page 114

LOOKING AHEAD: TEST NEXT WEEK TEST II NEXT WEEK: AMERICAN FREE ENTERPRISE, DEMAND, SUPPLY I will be doing a Notebook Check going back to 9/1: Starts at Four Types of Economic Systems

LEARNING OBJECTIVES Analyze Costs of Production Interpret how profit is determined Enhance Public Speaking Skills

GROUP PRESENTATIONS: SUBSIDY SKIT Remember Good Public Speaking Skills: -Engaging Voice -Rehearse what you will be saying -Make eye contact with the audience -Good pacing: Don’t go too fast or too slow -Be aware of body movements -Stay Chill

REVIEW SHEET Take five minutes to fill out the back of the Review Sheet

COSTS OF PRODUCTION https: //www. youtube. com/watch? v=uc. JBO 9 UTmwo What is a Fixed Cost? What is a Variable Cost? What is Total Cost? How do you calculate a Total Cost? What is Marginal Cost? How do you calculate a Marginal Cost?

COSTS OF PRODUCTION VOCABULARY Fixed Cost: Costs that don’t change no matter how much of a good is produced Variable Cost: Costs that rise or fall depending on quantity produced Total Cost: Fixed Cost + Variable Cost Marginal Cost: The cost of producing one more unit of a good

CHECK FOR UNDERSTANDING Are the following Costs of Production Fixed or Variable Costs? a. Rent b. Utility (Heating and Electric) Bills c. Cost of Labor d. Salaries of Workers e. Property Taxes

GREASE -COSTS OF PRODUCTION What were the Costs of Production for the play? Identify five and then decide whether they were fixed or variable costs. For each Cost of Production, write a one sentence explanation of why you believe it was fixed or variable

EXAMPLES OF COSTS OF PRODUCTION Upkeep of the stage Upkeep of viewing area/seats Costumes Music Lighting Background Sets

WARM UP What is the difference between a Fixed and Variable Cost? What is a Total Cost and how do you calculate Total Cost? What is a Marginal Cost and how do you calculate Marginal Cost?

HOMEWORK: STUDY GUIDE Complete Study Guide by writing out all relevant notes and material for each term/concept on the study guide Come prepared with one question about the last quiz and bring the quizzes to class Bring quiz II to next class

HOMEWORK: COMMUNITY SERVICE UPDATE- 1 -2 PAGES -What are you doing for Community Service? Describe in detail -Why did you chose this Community Service? Identify at least three key reasons -Who is your Supervisor? How has your relationship with your supervisor been impacted by the Community Service that you have done? -How many hours have you Completed? -What connections between what we learn in Economics and your Community Service can you make? -How do you think you will remember your community service experience in 20 years from now?

LEARNING OBJECTIVES Analyze how to create a Production Cost Table Interpret the difference between Profit and Revenue Synthesize Costs of Production

CREATE YOUR OWN BUSINESS AND PRODUCTION COST TABLE Pretend that you are starting your own business in Brentwood… Create a Production Cost Table that shows what you are producing, how much you are producing of the product, the fixed costs of production, the variable costs of production, the total cost of production, and the marginal cost of production Determine your fixed and variable costs by identifying two costs of production for each type of cost and explain how much each cost of production is for your particular business

EXAMPLE PRODUCTION COST TABLE

GENERATING A PROFIT What is the difference between a profit and a revenue? How would you go about determining a profit? What is Operating Cost and how is this different from Cost of Production?

PROFIT VOCABULARY Profit: Total Revenue- Total Cost Marginal Revenue: Additional Income from selling one more unit of a good Operating Cost- Cost of running a facility, store, or factory

CHECK FOR UNDERSTANDING QUIZ Take the quiz When you are finished, grade your partner’s quiz Check your answers with a partner Ask any questions that you have

EXIT TICKET How does a business determine their profit?

WARM UP Identify three questions that you have about the CONTENT of the test Don’t answer your own questions

HOMEWORK For each term/concept on the Study Guide, write out all relevant notes and material which you think might be on the test

LOOKING AHEAD TEST NEXT CLASS Be ready for Notebook Check starting at Economic Systems Marriage Project Binders will be due on December 14 th/15 th

LEARNING OBJECTIVES Synthesize Supply Engage in Collaborative Learning Enhance studying skills

PAIR-SHARE WARM UPS Switch Warm Ups with a partner Have your partner answer your questions Switch back and ask any questions that you might have

QUIZ II REVIEW: WHAT QUESTIONS DO YOU HAVE Ask your partner the question that you wrote down for homework Have your partner answer your question If you both can’t answer the question, ask me

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

JEOPARDY You will be divided into groups Your group will pick a question from one of the different categories and then pick how many points you want to go for in that category You have 45 Seconds to answer the question If your group gets the question wrong, it goes to the next group The next group has 30 seconds to answer the question REMINDER: IF YOU COMPLAIN, DON’T PAY ATTENTION WHILE OTHER GROUPS ARE GOING, OR BREAK ANY OTHER CLASS NORMS, YOUR GROUP WILL LOSE POINTS. IF YOUR GROUP ENDS UP IN THE NEGATIVE, EVERYONE IN THE GROUP LOSES 3 POINTS

REVIEW ASSESSMENT Complete the “Review Assessment” 26 questions- graded out of 20: you get all questions right, you get extra credit Each question is worth 1 point

TEST II REVIEW SHEET Fill out the Review Sheet for Test II

WARM UP Get ready to take test: Everything off desk except pen/pencil Have notebooks ready for me to check: Starts at Four Economic Systems

HOMEWORK: MARRIAGE PROJECT BINDERS Marriage Project Binders will be due on December 14 th/15 th

LEARNING OBJECTIVES Practice Test-taking Skills Synthesize Free Enterprise, Demand, and Supply Transition into Pricing

TEST II Take Test II: Free Enterprise, Demand, Supply