SUPPLY WARM UP WHAT DO YOU THINK SUPPLY

SUPPLY

WARM UP • WHAT DO YOU THINK SUPPLY MEANS? • HOW DOES DEMAND CONNECT TO SUPPLY?

HOMEWORK: 2 PARAGRAPH STORY • IMAGINE THAT YOU ARE A FACTORY OWNER…YOU CAN PRODUCE ANY LEGAL PRODUCT YOU WANT • WRITE A SHORT STORY THAT DESCRIBES WHAT YOU WOULD DO IN RESPONSE TO THE PRICE OF THE PRODUCT RISING • FOCUS ON HOW YOU WOULD RESPOND TO THE RISE IN PRICE BY INCREASING, DECREASING, OR KEEPING THE SUPPLY OF THE PRODUCT THE SAME • EXPLAIN WHY YOU MADE THIS DECISION, HOW THE LAWS OF SUPPLY AND DEMAND ARE BEING SHOWN, AND HOW THE RAISE IN PRICING OF THE PRODUCT THAT YOU ARE SELLING IMPACTED YOUR BUSINESS PLAN

LEARNING OBJECTIVES • ANALYZE HOW SUPPLY IMPACTS ECONOMICS • BUILD CONNECTIONS BETWEEN DEMAND SUPPLY • ENGAGE IN CREATIVE EXPRESSION

SUPPLY VOCABULARY • SUPPLY: THE AMOUNT OF GOODS AVAILABLE • LAW OF SUPPLY: IF THE PRICE OF A GOOD RISES, THE PRODUCER OF THE GOOD WILL INCREASE THE SUPPLY OF THE GOOD • VARIABLES: THINGS THAT CAN CHANGE

CHECK FOR UNDERSTANDING • WHAT IS DEMAND? • HOW DOES DEMAND IMPACT PRICING? • HOW DOES DEMAND IMPACT SUPPLY? HOW DOES SUPPLY IMPACT DEMAND? • WHAT VARIABLES CAN YOU THINK OF THAT WOULD IMPACT SUPPLY? • WHAT IS THE DIFFERENCE BETWEEN THE LAW OF SUPPLY AND THE LAW OF DEMAND? • CAN YOU THINK OF A TIME WHEN IT WOULD NOT BE WISE FOR THE PRODUCER OF A PRODUCT TO FOLLOW THE LAW OF SUPPLY?

BLOOD DIAMOND • HTTPS: //WWW. YOUTUBE. COM/WATCH? V=5 M 2 LQPHTJXY • IS THE LAW OF SUPPLY BEING SHOWN IN THIS CLIP? WHY OR WHY NOT? • WHAT DOES THIS TELL YOU ABOUT THE SUPPLY CHOICES A PRODUCER CAN MAKE WHEN THE PRICE OF THEIR PRODUCT INCREASES? • WHAT ARE THE VARIABLES THAT ARE INCLUDED IN THE SUPPLY AND DEMAND FOR BLOOD DIAMONDS? • HOW ARE ETHICAL QUESTIONS RAISED IN THIS SCENE PERTAINING TO THE SUPPLY AND DEMAND OF BLOOD DIAMONDS?

INDIANA JONES: SUPPLY AND DEMAND • HTTPS: //WWW. YOUTUBE. COM/WATCH? V=RP 0 J 3 LNLAZS • IN THE SCENE WHERE INDIANA JONES WAS SELLING THE DIAMOND TO THE BUYER, WAS THE LAW OF SUPPLY SHOWN? WHY OR WHY NOT? • DO YOU THINK THAT INDIANA JONES WAS DOING THE RIGHT THING BY INCREASING THE PRICE? WHY OR WHY NOT? • IN THE PET SNAKES EXAMPLE, WHAT IS HE SAYING ABOUT WHAT HAPPENS TO THE PRICE OF A GOOD WHEN THE SUPPLY INCREASES? WHAT IS THIS SAYING ABOUT HOW DEMAND IS IMPACTED BY PRICING? • WHAT IS THE DIFFERENCE BETWEEN THE SUPPLY CURVE AND THE DEMAND CURVE? • HOW IS A SHORTAGE AND A SURPLUS CREATED? • WHAT IS EQUILIBRIUM IN SUPPLY AND DEMAND?

CHIPS VS. CANDY: SIMULATING SUPPLY AND DEMAND • EACH CONSUMER HAS $10. 00 • ONE PRODUCER IS SELLING CHIPS AND THEY HAVE 20 BAGS • ONE PRODUCER IS SELLING CANDY AND THEY HAVE 20 PIECES • EACH PRODUCER WILL SET THEIR OWN PRICES FOR THE PRODUCT THEY ARE SELLING BASED ON THE DEMAND FOR THE PRODUCT

ANALYZING THE SIMULATION • HOW DID THIS SIMULATION SIMULATE THE IMPACT OF DEMAND IN ECONOMICS? • WHAT DID THIS SIMULATION SHOW ABOUT THE IMPACT OF SUPPLY IN ECONOMICS? • WHAT DOES THIS SIMULATION SHOW ABOUT HOW ETHICAL QUESTIONS ARE BROUGHT INTO ECONOMICS? • WHAT OTHER FACTORS NEED TO BE CONSIDERED IN THIS SIMULATION?

CREATIVE EXPRESSION • SHOW THE LAW OF SUPPLY THROUGH IMAGERY • DRAW AT LEAST 5 IMAGES • WRITE 1 -2 SENTENCES ON HOW YOUR IMAGES DEMONSTRATE THE LAW OF SUPPLY • HINTS: • CONSUMER TRENDS, SYMBOLS, ENTERTAINMENT, POPULAR CULTURE, PEOPLE

EXIT TICKET • WHAT IS SUPPLY? • WHAT IS THE LAW OF SUPPLY?

WARM UP • IDENTIFY ONE VARIABLE THAT IMPACTS THE SUPPLY OF A PRODUCT AND EXPLAIN HOW THIS VARIABLE IMPACTS SUPPLY

HOMEWORK: 2 PARAGRAPH STORY • IMAGINE THAT YOU ARE A FACTORY OWNER…YOU CAN PRODUCE ANY LEGAL PRODUCT YOU WANT • WRITE A SHORT STORY THAT DESCRIBES WHAT YOU WOULD DO IN RESPONSE TO THE PRICE OF THE PRODUCT RISING • FOCUS ON HOW YOU WOULD RESPOND TO THE RISE IN PRICE BY INCREASING, DECREASING, OR KEEPING THE SUPPLY OF THE PRODUCT THE SAME • EXPLAIN WHY YOU MADE THIS DECISION, HOW THE LAWS OF SUPPLY AND DEMAND ARE BEING SHOWN, AND HOW THE RAISE IN PRICING OF THE PRODUCT THAT YOU ARE SELLING IMPACTED YOUR BUSINESS PLAN

LEARNING OBJECTIVES • SYNTHESIZE HOW SUPPLY IS IMPACTED BY THE MUSIC, CLOTHING, AND ENTERTAINMENT INDUSTRIES • INTERPRET HOW SUPPLY IS IMPACTED BY COSTS OF PRODUCTION • ANALYZE INCREASING AND DIMINISHING MARGINAL RETURNS

BRAINSTORMING • WITH A PARTNER, LIST THREE WAYS THAT THE LAW OF SUPPLY IMPACTS THE MUSIC, CLOTHING, AND ENTERTAINMENT INDUSTRIES

MUSIC, CLOTHING, AND ENTERTAINMENT • WHAT TYPE OF MUSIC, CLOTHING, OR ENTERTAINMENT TRENDS YOU ARE SEEING • HOW DO THESE VIDEOS SHOW THE LAW OF SUPPLY IMPACTING THE MUSIC AND CLOTHING INDUSTRIES? • HOW DOES DEMAND IMPACT SUPPLY WHEN IT COMES TO MUSIC AND CLOTHING? • HTTPS: //WWW. YOUTUBE. COM/WATCH? V=LUID 0 JSH 2 IC 1979 (SATURDAY NIGHT FEVER) • HTTPS: //WWW. YOUTUBE. COM/WATCH? V=FTQBINVZQAY 1983 (TOTO, AFRICA) • HTTPS: //WWW. YOUTUBE. COM/WATCH? V=1 NCQRMX 3 DNW 1990 FRESH PRINCE OF BEL AIR • HTTPS: //WWW. YOUTUBE. COM/WATCH? V=DESJKYVDQ 9 A 2002 (GOOD CHARLOTTE) • HTTPS: //WWW. YOUTUBE. COM/WATCH? V=Y 7 TI 1 E 6 KP 0 O 2009 (DEADMAU 5)

CHECK FOR UNDERSTANDING • WHAT FORMS OF ENTERTAINMENT DO YOU THINK ARE GOING TO BE POPULAR WHEN YOU ARE AN ADULT? • WHAT KINDS OF MUSIC DO YOU THINK ARE GOING BE POPULAR WHEN YOU ARE AN ADULT • HOW ARE PEOPLE GOING TO BE DRESSING WHEN YOU ARE AN ADULT? • HOW IS SUPPLY GOING TO BE IMPACTED BY WHAT IS POPULAR?

TRANSITIONING: COSTS OF PRODUCTION • HOW IS MCDONALDS ABLE TO SELL A BURGER FOR ABOUT $5. 50 WHILE AT DAD’S CAFE, A BURGER COSTS ABOUT $9. 00? • HOW DOES THE SUPPLY OF BURGERS IMPACT PRICING? • IF YOU BUY A BURGER FROM DAD’S CAFÉ FOR $9. 00, IS THEIR PROFIT $9. 00? IF NOT, HOW WOULD YOU GO ABOUT DETERMINING THEIR PROFIT?

COSTS OF PRODUCTION • COSTS OF PRODUCTION: THINGS THAT YOU HAVE TO PAY FOR IN ORDER TO MAKE A PRODUCT • IDENTIFY 3 THINGS THAT MOST PRODUCERS HAVE TO PAY FOR IN ORDER TO MAKE THEIR PRODUCT • COMBINE YOUR LIST WITH A PARTNER, AND BETWEEN THE TWO OF YOU, DECIDE UPON WHICH COST OF PRODUCTION IS THE MOST IMPACTFUL ON THE PRODUCER • AS A CLASS, WE WILL MAKE A LIST OF THE DIFFERENT COSTS OF PRODUCTION THAT A PRODUCER MUST CONSIDER AND DECIDE WHICH IS MOST IMPORTANT

CHECK FOR UNDERSTANDING: ONE SENTENCE ANSWERS • WHAT PRODUCT ARE YOU PRODUCING FOR YOUR HOMEWORK ASSIGNMENT? • WHAT ARE GOING TO BE THE COSTS OF PRODUCTION FOR PRODUCING THIS PRODUCT? • HOW ARE THESE COSTS OF PRODUCTION GOING TO IMPACT THE PRICE THAT YOU WILL BE SELLING YOUR PRODUCT AT? • HOW ARE THE COSTS OF PRODUCTION GOING TO IMPACT THE SUPPLY OF YOUR PRODUCT • HOW IS THE DEMAND FOR YOUR PRODUCT GOING TO IMPACT THE SUPPLY OF YOUR PRODUCT

WARM UP • WHAT IS A COST OF PRODUCTION? • IDENTIFY THREE EXAMPLES OF COSTS OF PRODUCTION

HOMEWORK • COMPLETE STUDY GUIDE BY FILLING OUT ALL RELEVANT NOTES AND MATERIAL FOR EACH TERM OR CONCEPT ON THE STUDY GUIDE • GO THROUGH QUIZ II AND WRITE DOWN AT LEAST THREE QUESTIONS THAT YOU HAVE ON THE QUIZ • BRING QUIZ II TO CLASS ON WEDNESDAY

LEARNING OBJECTIVES • SYNTHESIZE SUPPLY • INTERPRET THE DIFFERENCE BETWEEN INCREASING AND DIMINISHING MARGINAL RETURNS • ANALYZE HOW SUPPLY CAN RAISE ETHICAL QUESTIONS

LOOKING AHEAD • TEST ON FRIDAY: ECONOMIC SYSTEMS, FREE ENTERPRISE, DEMAND, SUPPLY

HUMAN LABOR: KEY COST OF PRODUCTION • WHY IS THE USE OF HUMANS AS LABORERS A KEY COST OF PRODUCTION? • WHAT IS ETHICS? HOW MIGHT THE USE OF HUMAN LABOR RAISE ETHICAL QUESTIONS? • IS IT TRUE THAT THE MORE WORKERS YOU HAVE WORKING FOR YOU, THE MORE PRODUCTS YOU WILL PRODUCE? WHY OR WHY NOT? • WHAT REAL WORLD EXAMPLES ARE THERE WHEN THE MORE WORKERS THAT YOU HAVE, THE MORE PRODUCTS YOU WILL BE ABLE TO PRODUCE?

LABOR AND OUTPUT • MARGINAL (ECONOMIC TERMS): ADDITIONAL • MARGINAL PRODUCT OF LABOR: CHANGE IN PRODUCTION FROM HIRING/FIRING ONE MORE LABORER • INCREASING MARGINAL RETURNS: LEVEL OF PRODUCTION IN WHICH THE MORE LABORERS YOU HAVE, THE MORE PRODUCTS YOU PRODUCE • DIMINISH: TO LOWER • DIMINISHING MARGINAL RETURNS: LEVEL OF PRODUCTION IN WHICH THE MORE LABORERS YOU HAVE, THE LESS PRODUCTS YOU PRODUCE

CHECK FOR UNDERSTANDING • WHAT IS THE DIFFERENCE BETWEEN A DIMINISHING MARGINAL RETURN AND AN INCREASING MARGINAL RETURN? • IN WHAT SITUATION MIGHT A PRODUCER HAVE A DIMINISHING MARGINAL RETURN? • WHAT SHOULD A PRODUCER DO IF THEY HAVE A DIMINISHING MARGINAL RETURN? • HOW COULD THIS BECOME AN ETHICAL SITUATION?

OFFICE SPACE • HTTPS: //WWW. YOUTUBE. COM/WATCH? V=HNUU 9 CPDJIO • DO YOU THINK THE BOSSES WERE BEING ETHICAL? WHY OR WHY NOT? • IS THIS AN EXAMPLE OF INCREASING OR DIMINISHING MARGINAL RETURNS? WHY? • HAVE YOU EVER HEARD OF “PEOPLE SKILLS”? • HOW VALUABLE ARE “PEOPLE SKILLS” IN THE WORKFORCE? • WHAT OTHER KINDS OF SKILLS ARE VALUABLE IN THE WORKFORCE?

DOWNSIZING DISCUSSION • DOWNSIZING: PROCESS OF MAKING (A COMPANY OR ORGANIZATION) SMALLER BY FIRING PEOPLE • WHAT ETHICAL OR FINANCIAL OBLIGATIONS SHOULD EMPLOYERS/OWNERS/BOSSES HAVE FOR THEIR EMPLOYEES? • WHAT ARE THE ADVANTAGES OF TREATING YOUR EMPLOYEES WELL AND GIVING THEM JOB SECURITY? CAN THERE BE DISADVANTAGES OF TREATING YOUR EMPLOYEES WELL AND GIVING THEM JOB SECURITY? • HOW WOULD YOU FEEL IF YOU WERE THE EMPLOYER AND YOU HAD TO FIRE SOMEBODY? WHAT DOES THIS TELL YOU ABOUT BEING YOUR OWN BOSS? • WHEN SOMEONE GETS DOWNSIZED, WHAT CAN THEIR REACTIONS BE LIKE?

UP IN THE AIR: REACTIONS TO DOWNSIZING • HTTPS: //WWW. YOUTUBE. COM/WATCH? V=FJVYRWDUY 0 C • DO YOU THINK THE EMPLOYEE’S REACTIONS ARE JUSTIFIED? • WHY WOULD SOMEONE TAKE THE JOB THAT GEORGE CLOONEY HAS? • WHAT DO YOU THINK GEORGE CLOONEY MEANT WHEN HE SAID TO ZACH G. “ANYBODY WHO EVER BUILT AN EMPIRE OR CHANGED THE WORLD SAT WHERE YOU ARE RIGHT NOW”? • DO YOU THINK THERE IS LEGITIMACY TO THIS QUOTE OR DO YOU THINK HE WAS JUST TRYING TO MAKE HIM FEEL BETTER?

EXIT TICKET • IDENTIFY TWO WAYS IN WHICH ETHICAL QUESTIONS HAVE BEEN BROUGHT UP IN SUPPLY AND DEMAND

WARM UP • WRITE DOWN THREE QUESTIONS THAT YOU HAVE ABOUT THE CONTENT OF THE TEST

HOMEWORK • COMPLETE STUDY GUIDE BY FILLING OUT ALL RELEVANT NOTES AND MATERIAL FOR EACH TERM OR CONCEPT ON THE STUDY GUIDE • GO THROUGH QUIZ II AND WRITE DOWN AT LEAST THREE QUESTIONS THAT YOU HAVE ON THE QUIZ • BRING QUIZ II TO CLASS ON WEDNESDAY

LEARNING OBJECTIVES • SYNTHESIZE ECONOMIC SYSTEMS, FREE ENTERPRISE, DEMAND, AND SUPPLY • ENHANCE STUDYING SKILLS • ENGAGE IN COLLABORATIVE LEARNING

SWITCH WARM UPS WITH A PARTNER • HAVE YOUR PARTNER ANSWER YOUR WARM UP QUESTIONS • CHECK YOUR PARTNER’S ANSWERS • ASK ANY QUESTIONS THAT YOU MIGHT HAVE

QUIZ II REVIEW • WHAT QUESTIONS DID YOU WRITE DOWN FOR HOMEWORK ABOUT THE CONTENT OF QUIZ II?

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 • 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 • IF YOUR GROUP GETS THE QUESTION WRONG, IT GOES TO THE NEXT GROUP • 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

TEST II REVIEW SHEET • FILL OUT THE TEST II REVIEW SHEET

WARM UP • GET READY TO TAKE TEST-EVERYTHING OFF DESK • HAVE WARM UPS READY FOR ME TO CHECK

LEARNING OBJECTIVES • ENHANCE TEST-TAKING SKILLS • SYNTHESIZE ECONOMIC SYSTEMS, FREE ENTERPRISE, DEMAND, AND SUPPLY • INTERPRET/ANALYZE COMMUNITY SERVICE PROGRESS

TAKE TEST

COMMUNITY SERVICE UPDATE • 1 PARAGRAPH WRITING ASSIGNMENT: -WHAT ARE YOU DOING FOR COMMUNITY SERVICE? -WHY DID YOU CHOSE THIS COMMUNITY SERVICE? -WHO IS YOUR SUPERVISOR? -HOW MANY HOURS HAVE YOU COMPLETED? -CAN YOU MAKE ANY CONNECTIONS BETWEEN WHAT WE LEARN IN ECONOMICS TO YOUR COMMUNITY SERVICE? -HOW DO YOU THINK YOU WILL REMEMBER YOUR COMMUNITY SERVICE EXPERIENCE IN 20 YEARS FROM NOW?

PRESENT YOUR COMMUNITY SERVICE PARAGRAPHS • REMEMBER GOOD PUBLIC SPEAKING SKILLS!!!