Economics

Economics Blog Textbook Syllabus Class Resources 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. a. Define the Law of Supply and the Law of Demand. b. Describe the role of buyers and sellers in determining market clearing price. c. Illustrate on a graph how supply and demand determine equilibrium price and quantity. d. Explain how prices serve as incentives in a market economy. Friday, August 22, 2014 Appetizer: What is meant by the term demand? Main Course: Review notes Revise your graphs Continue with notes on demand Thursday, August 21, 2014 Wednesday, August 20, 2014 Appetizer: Use your human capital and think about the Circular Flow Model; where are individuals/households, businesses, product markets, factor/resource markets? Main Course: Discuss circular flow model Demonstrate circular flow model Sidewalk Chalk-we will take a mini field trip to the tennis courts-with a partner draw and label the circular flow model with arrows showing the direction of $ and arrows the opposite direction showing goods/services. On your warm-up paper, go to page 56 and 57 and answer these questions Tuesday, August 19, 2014 Appetizer (Activator): How does the exchange of goods and services take place? Main Course: Discuss question Notes on circular flow-discuss your definitions Andy and Abby activity-handouts Yourself in the flow of the circular flow model Monday, August 18, 2014 Appetizer: What questions do you have about fundamentals? Main Course: Review for 10 minutes Unit 1 Test After test, grab a green EOCT-define bold terms-pages 54-55 and sketch circular flow model