Supply Warm Up Write down three contentbased questions

Supply

Warm Up Write down three contentbased questions that you think are going to be on the test Don’t answer your own questions

Homework: Complete Study Guide Write out all notes and relevant material for everything on the study guide

Learning Objectives Synthesize material from Free Enterprise-Demand Enhance studying skills Engage in Collaborative Learning

Looking Ahead Test Next Class Notebook Check starting from 4/1

Pair-Share Warm Ups Switch Warm Ups with a partner Have your partner answer your questions Ask any questions that you might have

Kahoot. IT 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

Test Review Sheet Complete the Test Review Sheet for the test on Econ Systems-Demand

Jeopardy Four Categories: Demand, Econ Systems, Modern Nations, Vocab I will select one captain from each team Only that captain can give me the team’s final answer If the team ends up in the negative, everyone in the group loses 3 points on the test How do you end up in the negative? A. Complaining B. Cursing C. Cell Phones D. Breaking any other Class Norms

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

Exit Ticket What are the seven basic Free Enterprise Principles and define each

In-Class Time to Work on Study Guides Use this in-class time to work on your study guide If you are all done, please work on your marriage project

Warm Up Prepare to take test: everything off your desks Have notes ready for me to check from Capitalism -Total Revenue

Homework: Stock Market Final Essay (1 -2 Pages) Write your Final Essay for your Stock Market Project Your essay should include Thesis, Intro, Conclusion, 2 -3 Body Paragraphs Things to focus on in an essay A. What were your takeaways from doing this project B. Which of your stocks did well and which didn’t do well? Why do you think they did or did not do well C. After a few months of playing the game, how much money did you lose or gain? D. What was your investment strategy, and if you had to do this again, how would this investment strategy change?

Looking Ahead Stock Market Portfolios: th Due May 15 Stock Market Final st Essay: Due May 1 /2 nd

Learning Objectives Enhance quiz-taking skills Synthesize Free Enterprise. Demand Engage in collaborative learning

Take Quiz: Free Enterprise- 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 (3 pieces for each consumer) Each producer will set their own prices for the product they are selling based on the Demand for the product You have to keep track of how many products are sold at each price because after selling the goods, everyone will create an Individual and Market Demand Schedule for each product HINT: Market Demand Schedule for this simulation=Brentwood/Disco Bay Population of Brentwood/Disco Bay: circa 75, 000

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? How are Individual and Market Demand Schedules helpful for producers? What other factors need to be considered in this simulation?

In Class time to start working on Stock Market Project Essay Use this in-class time to work on your Stock Market Project Essay, st nd due May 1 /2

Warm Up Identify one thing that our simulation of Chips vs. Candy showed us about Supply and Demand. Explain in one sentence how the simulation showed us this

Homework: Stock Market Project Final Essay(1 -2 pages) Write your Final Essay for your Stock Market Project Your essay should include Thesis, Intro, Conclusion, 2 -3 Body Paragraphs Things to focus on in an essay A. What were your takeaways from doing this project B. Which of your stocks did well and which didn’t do well? Why do you think they did or did not do well C. After a few months of playing the game, how much money did you lose or gain? D. What was your investment strategy, and if you had to do this again, how would this investment strategy change?

Learning Objectives Interpret Supply Vocabulary Analyze case studies that demonstrate the Law of Supply Engage in Creative Expression

Supply Vocabulary Supply: The amount of goods available Law of Supply: Producers of a good will increase the supply of a good if the price of the good rises Supply Schedule: Table that shows the quantities supplied at different prices in a market Supply Curve: Shows the relationships between the price and the quantity of that producers are willing and able to supply Market Supply: Sum of all individual quantities

Textbook Example of Individual Supply Schedule

Textbook Example of Market Supply Schedule

Check for Understanding How does the demand for a good impact the supply of a good? How does the supply for a good impact the demand of a good? What variables do you think play a role in determining the supply of a good? What is different about a Supply Schedule from Demand Schedule? Is the Law of Supply always true? Why or why not?

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 Explained https: //www. youtube. com/watch? v=RP 0 j 3 Lnlazs 1. In the scene where Indiana Jones was selling the diamond to the buyer, was the Law of Supply shown? Why or why not? 2. Do you think that Indiana Jones was doing the right thing by increasing the price? Why or why not? 3. 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? 4. What is the difference between the Supply Curve and the Demand Curve? 5. How is a Shortage and a Surplus created? 6. What is equilibrium in Supply and Demand?

Journal 6: Blockbuster stresses Buying over Renting What is the new business strategy for Blockbuster and how does this demonstrate the Law of Supply? Who became the new competitors for Blockbuster and how did these new competitors create problems for Blockbuster? What does this article say about the importance for businesses/companies to focus on consumer and technological trends? In 2004, Blockbuster had about 9, 000 stores. In 2016, they have 11 stores. What did Blockbuster do wrong and what would you have done differently if you were the owner of

Warm Up What businesses or companies do your predict will be out of business in 20 years from now? Why do you think this?

Homework: Stock Market Project Final Essay (1 -2 Pages) Write your Final Essay for your Stock Market Project Your essay should include Thesis, Intro, Conclusion, 2 -3 Body Paragraphs Things to focus on in an essay A. What were your takeaways from doing this project B. Which of your stocks did well and which didn’t do well? Why do you think they did or did not do well C. After a few months of playing the game, how much money did you lose or gain? D. What was your investment strategy, and if you had to do this again, how would this investment strategy change?

Learning Objectives Synthesize how Elasticity impacts Supply Interpret the difference between Individual and Market Supply Schedules Analyze how the Costs of Production play a role in Supply

Music, Clothing, and Entertainment Industries While watching the videos from the 70’s, 80’s, 90’s and modern day, jot down some notes about 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 j. Sh 2 Ic 1979 (Saturday Night Fever) https: //www. youtube. com/watch? v=FTQbi. Nv. Zqa. Y 1983 (Toto, Africa) https: //www. youtube. com/watch? v=1 n. Cq. Rmx 3 Dnw 1990 Fresh Prince of Bel Air https: //www. youtube. com/watch? v=des. JKYvdq 9 A 2002 (Good Charlotte) https: //www. youtube. com/watch? v=y 7 t. I 1 E 6 kp 0 o 2009 (Deadmau 5)

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

Brainstorming Identify three factors that impact the Supply of a product and explain in one sentence how each impacts supply

Retaining Material What does it mean for something to be elastic? What does it mean for something to be inelastic? How does elasticity impact demand? How would this impact the supply of a product? What is an Individual Demand Schedule? What is a Market Demand Schedule? What is an Individual and Market Supply Schedule?

Elasticity of Supply-Check for Understanding Elasticity of Supply: A measure of the way quantity supplied reacts to a change in price How is this different from Elasticity of Demand? If supply is elastic, will there be a small or big reaction to an increase in price? If supply is inelastic, will there be a small or big reaction to an increase in price?

Create a Market and Individual Supply Schedule Pretend you are a factory owner and based on the product you are selling, create an Individual Supply Schedule and a Market Supply Schedule Your Market Supply Schedule is 1000 x bigger than your Individual Supply Schedule Under your schedules, explain how these charts help you (the factory owner) to make decisions about how to price your product in order to maximize your profits (2 -3 sentences)

Factors that cause a change in Supply Changes in the numbers of producers Changes in conditions due to natural dictators or international events Changes in Technology Changes in Producer Expectations Changes in Government Policy Changes in the cost of inputs A. Inputs- money needed to make the product

Forrest Gump and Lieutenant Dan become rich off Shrimping https: //www. youtube. com/watch? v=Z 9 zcxt 0 o. CGM A. Which factor that causes a change in supply are we seeing in this clip? B. Can you think of other examples in real life where there have been changes of supply for this reason? C. Can you think of real life examples where people have become rich or poor due to a change in supply? D. How is Elasticity of Supply being shown here? Why or why not? E. Based the elasticity of Forrest’s good that he is selling, should he increase or decrease the supply? F. Is the Law of Supply being shown here? Why or why not?

Warm Up How does Elasticity impact Supply? What do you think is the difference between a supply schedule and a supply curve?

Learning Objectives Analyze how Costs of Production impacts Supply Interpret Supply Curves Synthesize Marginal Returns

Individual and Supply Curves Individual Supply Curve: Graph that shows the quantity of the product sold at different prices for individual suppliers Market Supply Curve: Graph that shows the quantity of the product sold at different prices for all suppliers in the market Create an Individual and Market Supply Curve on the back of your paper for your product, based on your Individual and Market Supply Schedule that you wrote out

Individual and Market Supply Curves in the Textbook (pg. 105)

Transitioning: Costs of Production How is Mc. Donalds able to sell a burger for about $5. 50 while at Dad’s Cafe, a burger costs about $9. 00? How does Mc. Donalds know how much food to produce each day? 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 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

Costs of Production: Labor and Output Marginal (Economic Terms): Additional Marginal Product of Labor: Change in output from hiring one more laborer Increasing Marginal Returns: Level of production which the marginal product of labor increases as number of laborers increases Diminishing Marginal Returns: Level of production in which the marginal product of labor decreases as the number of workers increases

Check for Understanding What is a Diminishing Marginal Return? If a producer has a Diminishing Marginal Return, what should the producer do?

Learning Objectives Analyze Supply Vocabulary Interpret how Ethics impacts Supply and Demand Build Connections to your life

Office Space https: //www. youtube. com/watch? v=h. Nuu 9 Cpdj. Io Do you think the bosses were being ethical? Why or why not? Do you think that there is such a thing as “people skills”? Why or why not? How valuable are “people skills” in the workforce? Is this an example of Increasing or Diminishing Marginal Returns? Why?

Downsizing Discussion Downsizing: Process of making (a company or organization) smaller by eliminating staff positions. 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: People’s reactions to getting fired https: //www. youtube. com/watch? v=fj. Vyr. Wd. Uy 0 c 1. Do you think the employee’s reactions are justified? 2. Why would someone take the job that George Clooney has? 3. 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”? 4. Do you think there is legitimacy to this quote or do you think he was just trying to make him feel better?

Check For Understanding What real-life examples can you think of in which there has been a diminishing marginal return? What real-life examples can you think of in which there has been an increasing marginal return?

Brainstorming Identify two ways in which ethical questions have been brought up in Supply and Demand