Economics

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