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 |

Economics

Economics-11/8/13 SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy. a. Compare and contrast three forms of business organization—sole proprietorship, partnership, and corporation. b. Explain the role of profit as an incentive for entrepreneurs. c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition. November 8, 2013-“Stakernomics” Appetizer: On a continuum (line with arrows at each end) fill in the least competitive market structure to the most competitive market structure! (MC, O, PC, and M) Main Course: 3 business organizations-fill in your charts; groups will show their creation Common Assessment-this counts-only what I have taught so far, however! J After your common assessment, complete activity on demand, supply, equilibrium and reasons for supply shifts. You must also graph; this will be turned in for a grade in Micro! Unit 2 test-Tuesday! Sole proprietorship A business owned and run by one person. Advantages- ease of start-up, ease of management, owner can enjoy all profits, owner has full control, easy to discontinue, business itself is exempt from tax on income. Disadvantages- unlimited liability (owner is personally and fully responsible for all losses and debts of business), difficulty of raising financial capital, amount of work for one person may be overwhelming, limited life. Partnership A business jointly owned by two or more people. Advantages- ease of start-up, each partner brings a unique skill to the partnership, larger pool of capital, lack of special taxes on partnership itself. Disadvantages- each partner is fully responsible for partner, unlimited liability for partnerships that are not limited liability partnerships (LLP), limited life, potential for conflict with partners. Corporation A business organization that is owned by stockholders and recognized by law as a separate legal entity having all the rights as an individual. Advantages- ease of raising financial capital through the sale of stock or the issuance of bonds, limited liability for owners, unlimited life, ease of transferring ownership. Disadvantages- difficult to start, owners/shareholders often have little say in how the business is run, many more legal requirements and regulations, double taxation. b. Explain the role of profit as an incentive for entrepreneurs. Entrepreneurs are willing to risk their own resources in order to sell them for financial gain or profits. Entrepreneurs are successful when they provide consumers with goods and services that consumers highly value. Financially successful entrepreneurs have some common characteristics. First, they are willing to assume risk, and high risk can lead to high rewards. Second, entrepreneurs have unique skills that help them develop new products or new cost-cutting production methods or new ways to serve consumers. Third, many entrepreneurs also have the discipline to work long and difficult hours to achieve their goals. These same entrepreneurial characteristics can help anyone to be successful even one who doesn't start a business. If you want to earn more income, develop valuable skills and use them in ways that are highly valued by others.

Economics

Economics-11/7/13 SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy. a. Compare and contrast three forms of business organization—sole proprietorship, partnership, and corporation. b. Explain the role of profit as an incentive for entrepreneurs. c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition. November 7, 2013 Appetizer: Which of the following is the best example of the Law of Supply? (A) A sandwich shop increases the # of sandwiches they SUPPLY every day when the price is increased. (B) A food producer increases the # of acres of wheat he grows to SUPPLY a milling company. (C) A catering company buys a new dishwasher to make their work easier. (D) A milling company builds a new factory to process flour to export. Main Course: •Groups can present their business organization or market structure from my computer to show the class •You will fill out your chart as you hear info you need, so pay attention! •SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy. • •a. Compare and contrast three forms of business organization—sole proprietorship, partnership, and corporation. • •Sole proprietorship •A business owned and run by one person. • •Advantages- ease of start-up, ease of management, owner can enjoy all profits, owner has full control, easy to discontinue, business itself is exempt from tax on income. • •Disadvantages- unlimited liability (owner is personally and fully responsible for all losses and debts of business), difficulty of raising financial capital, amount of work for one person may be overwhelming, limited life. • • •Partnership •A business jointly owned by two or more people. • •Advantages- ease of start-up, each partner brings a unique skill to the partnership, larger pool of capital, lack of special taxes on partnership itself. • •Disadvantages- each partner is fully responsible for partner, unlimited liability for partnerships that are not limited liability partnerships (LLP), limited life, potential for conflict with partners. • • • • •Corporation •A business organization that is owned by stockholders and recognized by law as a separate legal entity having all the rights as an individual. • •Advantages- ease of raising financial capital through the sale of stock or the issuance of bonds, limited liability for owners, unlimited life, ease of transferring ownership. • •Disadvantages- difficult to start, owners/shareholders often have little say in how the business is run, many more legal requirements and regulations, double taxation. • • •b. Explain the role of profit as an incentive for entrepreneurs. •Entrepreneurs are willing to risk their own resources in order to sell them for financial gain or profits. Entrepreneurs are successful when they provide consumers with goods and services that consumers highly value. Financially successful entrepreneurs have some common characteristics. First, they are willing to assume risk, and high risk can lead to high rewards. Second, entrepreneurs have unique skills that help them develop new products or new cost-cutting production methods or new ways to serve consumers. Third, many entrepreneurs also have the discipline to work long and difficult hours to achieve their goals. These same entrepreneurial characteristics can help anyone to be successful even one who doesn't start a business. If you want to earn more income, develop valuable skills and use them in ways that are highly valued by others. • • •c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition. • •Monopoly •A market structure in which there is a single supplier of a good or service. Also, a firm that is the single supplier of a good or service for which there are no close substitutes; also known as a monopolist. • •Oligopoly •A market structure in which a few, relatively large firms account for all or most of the production or sales of a good or service in a particular market, and where barriers to new firms entering the market are very high. Some oligopolies produce homogeneous products; others produce heterogeneous products. • •Monopolistic competition •A market structure in which slightly differentiated products is sold by a large number of relatively small producers, and in which the barriers to new firms entering the market are low. • •Pure competition •A market structure in which a large number of relatively small firms produce and sell identical products and in which there are no significant barriers to entry into or exit from the industry. Firms in perfect competition are price takers and in the long run will earn only normal profits. •Words on back of sheet (market structures) must be defined. Also, you are asked to list your top 3 favorite jeans, shampoo, cologne, etc. You should also complete this so we are ready to talk about product differentiation and non-price factors.

World History

WORLD HISTORY NOVEMBER 11TH - NOVEMBER 15TH, 2013 MON. NOV. 11TH STANDARD: 13B - IDENTIFY THE IMPACT OF ENLIGHTENMET IDEAS ON NATIONALIST REVOLUTIONS AGENDA: 1. INTRODUCE REVOLUTIONS PROJECT - STUDENTS WILL COMPLETE TASK FROM A CHOICE LIST TO DEMONSTRATE THIER UNDERSTANDING AND MASTERY OF STANDARD 13 - ENLIGHTMENTMENT IDEAS AND NATIONALIST REVOLUTIONS. TUE. NOV12TH AGENDA: 1. REVOLUTIONS PROJECT WED.NOV. 13TH AGENDA: 1. REVOLUTIONS PROJECT THURS. NOV. 14TH 1. REVOLUTIONS PROJECT DUE 2. STUDY GUIDE FOR UNIT 6 TEST AGENDA: FRI. NOV. 15TH AGENDA: 1. UNIT 6 TEST 2. READING GUIDE FOR UNIT 7

Economics

Economics-11/4/13 November 4, 2013 Appetizer: Clozed notes-fill out completely please! Feel free to look at your notes. Main Course: Supply notes Graph supply Reasons for shifts in supply

World History

WORLD HISTORY NOVEMBER 4TH - NOVEMBER 8TH, 2013 MON. NOV. 4TH AGENDA: 1. sCIENTIFIC rEVOLUTION 2. CREATE A NEW INVENTION - IT WOULD BE? TUE. NOV. 5TH AGENDA: 1. ENLIGHTENMENT FIGURES 2. INNTRODUCE REVOLUTIONS PROJECT WED. NOV. 6TH AGENDA: 1. REVOLUTIONS PROJECT THUR. NOV 7TH REVOLUTIONS PROJECT FRI. NOV. 8TH AGENDA: 1. REVOLUTIONS PROJECTS DUE TODAY 2. START PRESENTATIONS

Economics

Economics-11-1-13 November 1, 2013 Appetizer: If the price of Pepsi increases, the DEMAND curve for a close substitute like Coca-Cola will: (A) Shift downward toward the horizontal axis (B) Decrease and shift to the left (C) Increase and shift to the right (D) Remain unchanged Main Course: Demand curves from yesterday-Volunteers to do 1-9 on white board! Each answer has an a,b,c,d. You are a marketing executive for the Georgia Beef Company in charge of sales in the U.S. and Asia. You are concerned about the possible effects of these news stories on the demand for beef in May. Read the following eight newspaper headlines and complete the following instructions for each headline. A-Indicate if the change in demand will be an increase or a decrease B-State if the curve will move to the right (increase) or to the left (decrease) C-Draw a demand curve for beef showing the movement of the curve (left-decrease or right-increase) D-Indicate which determinant caused the change in demand Headlines: Price of Beef to Rise in June Millions of aliens (immigrants) swell U.S. population Pork Prices Drop Surgeon General Warns that Eating Beef May Be Hazardous to Health Sales of Soy Burgers on the Rise Real Income for Americans Drops for the Third Month in a Row Charcoal (think about complements)Shortage Threatens Memorial Day Cookouts Burgers Without Buns Become Nationwide Fad: High Protein Diets Gain Popularity Japan Halts U.S. Beef Imports, Mad Cow Disease Blamed Notes on demand elasticity Prac 1. Funeral Services 9. Cigarettes 2. Milk (Babies) 10. China (fancy stuff) 3. Fresh tomatoes 11. potatoes 4. Movie tickets 12. coffee 5. Expensive cars 13. electricity 6. Butter 14. gasoline 7. Housing 14. clean water 8. Physician services 15. insulin tice with demand elasticity