Economics

Economics-11/11/13 November 11, 2013-VETERANS DAY December 9/10 EOCT! Appetizer: Answer on your warm-up paper. Write question and answer! A market (A) reflects upsloping Demand and downsloping Supply curves. (B) Entails the exchange of goods, but not services. (C) is a place where buyers and sellers meet. (D) always requires face-to-face contact between buyer and seller. Main Course: Hand in your supply/demand activity if you haven’t already done so! Virtual economics clips Supply/Demand paper back-discuss Kinesthetic practice with 4 market structures Review for test-ENVELOPE PLEASE! Things to study: 1-Law of Demand, Law of Supply 2-Reasons for shifts in demand (income, substitutes, complements, population, consumer expectations) 3-Demand curves-which direction do they go? 4-Supply curves may shift left (decrease) or right (increase) for these reasons: cost of inputs (resources), expectations, technology, excise tax, subsidies, gov regs 5-Elastic and inelastic demand 6-Be able to interpret a supply and demand curve, draw a demand curve 7-What is equilibrium? 8-Price floors and Price ceilings 9-What is a market structure? 10-What are the 4 types of market structures? 11-What are the 3 business organizations? 12-What is a barrier to entry? 13-What is it called when you own a piece of a company? 14-Advantages and disadvantages of sole proprietorships 15-Circular Flow Model-review your own and everything we did on it! Remember, from where is something originating (starting) and where is it going? Money flows one direction, factors of production flow the other direction. Study for Unit 2 test-Tuesday! November 11, 2013 in Economics, Economics Honors | Permalink |