Economics Jan 25th

January 25, 2013


Friday, 1/25/13-Econ



Circle the verbs! January 25, 2013







SSEMI3.c



Define price elasticity of demand and supply.



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.



Download StakerDemand



Download Chapter 4-DEMANDstakersection1



Appetizer:



Current movie sales-what does this chart tell you about our latest movies? (Hint: it has to do with demand!)



Review with your elbow partner what you learned yesterday about demand.



YouTube anyone, anyone, anyone?



Main Course:



Table of Contents: #3-What is demand elasticity? What factors determine elasticity?



Review demand, law of demand, demand schedules, and demand curves

Notes on elasticity of demand

Groups of 4, determine if the demand for the following scenarios are elastic or inelastic:

Decide if your demand for the following are elastic or inelastic and the reason why:



Funeral services (when a person dies; doing something with the deceased)

Butter

Medical care

Potatoes

Gasoline

Clean water

Expensive cars

Insulin

Milk/Formula/Breast Milk, Soy Milk (newborns, babies)

Cell phones



Dessert:



Clear/Unclear window(make a T chart): What things are clear to you about demand; what things or questions do you still have about demand?