Economics Jan 24

January 24, 2013


Thursday-Econ-01/24/13



Circle the verbs!



SSEMI2



The student will explain how the Law of Demand, the Law of Supply, prices and profits work to determine production and distribution in a market economy.







SSEMI2.a



Define the Law of Supply and the Law of Demand.



Element: SSEMI2.b



Describe the role of buyers and sellers in determining market clearing price.



Element: SSEMI2.c



Illustrate on a graph how supply and demand determine equilibrium price and quantity.



Element: SSEMI2.d



Explain how prices serve as incentives in a market economy.



Appetizer:



Let’s review circular flow models one more time! Jot down on paper provided 2 examples of a product market (good or service), businesses (firms), and factor market (resources), and individual. Think of an item or place where your family shops and fill in from there.



Download StakerDemand



Main Course:



#2-Micro-Table of Contents



EQ: What is demand, law of demand, and demand schedules?



Notes together on demand

Graph individual and market demand schedule on page 83



Dessert: (closer/summarizer)



#4 on page 83-you make work in pairs (one paper for the two of you)