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Week 12/ October 23 to October 27

October 23 2017

Essential Question:

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.

EQ:  How does the interaction of buyers and sellers create the forces of supply and demand in a market economy?

Activator:

Classnotes:

When you graph the supply curve and the demand curve in the same space, the curves will intersect.  Buyers push for low prices.  Sellers push for high prices.  This intersection is called EQUILIBRIUM.  EQUILIBRIUM occurs when quantity supplied and quantity demanded are the same.  The price at which equilibrium occurs is called the MARKET CLEARING PRICE.

(Market in Equilibrium Graph)

An incentive is a reason for doing something.  Prices are signals.  The Law of Demand shows that LOW PRICES tend to be incentives for buyers.  The Law of Supply shows that HIGH PRICES tend to be incentives for producers.

Students will be provided with a Supply schedule and a demand schedule.  They will graph both on the same graph.

Teaching Strategies:

Students will learn about the concept of equilibrium and market clearing price, as well as the concept of disequilibrium.  Students will then be introduced to the concept of surplus and shortage.  After being introduced to the concept, students will work a paired practice.  Students will be paired based on a Socrative quiz they take.

Practice is avaliable under Unit 4 Microeconomics entitled Supply and Demand Equilibrium.pdf.

Significant time will be spent assuring that graphs are created and labeled correctly.

Summarizer:

Socrative Exit AND go over practice.

October 24 2017

Essential Question:

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.

EQ:  How does the interaction of buyers and sellers create the forces of supply and demand in a market economy?

Activator:

Classnotes-

If the market is not in equilibrium, it is in DISEQUILIBRIUM.  If the price is above equilibrium, the type of disequilibrium created is a SURPLUS.  Quantity supplied will be greater than quantity demanded.  This makes sense since sellers are willing to produce more at higher prices.  If the price is below equilibrium, the type of disequilibrium created is a SHORTAGE. Quantity demanded will be greater than quantity supplied.  This makes sense since buyers are willing to purchase more at lower prices.

On a half sheet of paper students will label a market in equilibrium and indicate both the areas of shortage and surplus.  Students will share work with another student.  Go over as a class to assess understanding.

Teaching Strategies:

Review key concepts of Law of Supply, Law of Demand, Equilibrium, Disequilibrium, Surplus, and Shortage.  Students will then be quizzed on these concepts.

Significant time will be spent assuring that graphs are created and labeled correctly.

Summarizer:

Students will take quiz.

With any additional time on the following days lesson, students will review quizzes 1 on 1.

October 25 2017

Essential Question:

SSEMI3 The student will explain how markets, prices, and competition influence economic behavior.

b. Explain and illustrate on a graph how price floors create surpluses and price ceilings create shortages.

EQ: How does government involvement in a market interfere with market efficiency?

Activator:

Classnotes-

Sometimes, government leaders do not think that prices are “fair” or equitable.  Politicians will step in and try to control prices rather than let equilibrium be reached.  These types of controls are known as price floors and price ceilings.  Note that both types of price controls place markets in disequilibrium.

Price Floor:  A minimum price that can legally be charged for a resource, good, or service.  Price floors are set because politicians think the equilibrium price is too low, so they want to make the price higher.  The classic example of this is a minimum wage.  Politicians think it is unreasonable for someone to work for \$5 per hour, so they place a price floor on wages.

Notice that price floors will create surpluses.  In the case of minimum wage, it creates a surplus of workers.

(Price floor example graph)

Students will be presented with a scenario and have to graph to display price floors.

Teaching Strategies:

Students will be introduced to the concept of price floors.  They will create them on their own graphs, and be able to identify what price floors create.  Students will watch and and discuss a quick on the minimum wage.

With any additional time, students will be allowed to work on study guide for Unit 4 Microeconomics test, avaliable under Unit 4 Microeconomics entitled Supply and Demand Part 1 Study Guide.

Summarizer:

Socrative on Price Floors

October 26 2017

Essential Question:

SSEMI3 The student will explain how markets, prices, and competition influence economic behavior.

b. Explain and illustrate on a graph how price floors create surpluses and price ceilings create shortages.

EQ: How does government involvement in a market interfere with market efficiency?

Activator:

Classnotes-

Price Ceiling: A maximum that can legally be charged for a product.  Politicians will set price ceilings when they feel a market price is unfairly high.  This will artificially lower the price of the product, but it will create a shortage.  Note that historically, politicians have placed price ceilings on goods and services that are viewed as necessities.  This might include certain foods, gasoline, or more recently, housing as with rent control in New York City.

(Price ceiling graph example)

You need to be able to examine a graph and tell if a price is a floor or a ceiling.  You also need to be able to determine if the disequilibrium created is an example of a shortage or a surplus.  Keep in mind, only in economics are floors above ceilings.Students will be presented with a scenario and have to graph to display price ceilings.

Teaching Strategies:

Students will be introduced to the concept of price ceilings.  They will create them on thier own graphs, and be able to identify what price ceilings create.

Any time left will be spent on a worksheet.  Worksheet is found under Unit 3 Microeconomics entitled Price floor and ceiling worksheet.pdf.

Summarizer:

Socrative on Price Ceilings

October 27 2017

Essential Question:

SSEMI3 The student will explain how markets, prices, and competition influence economic behavior.

b. Explain and illustrate on a graph how price floors create surpluses and price ceilings create shortages.

EQ: How does government involvement in a market interfere with market efficiency?

Activator:

Students will be presented with a number of different ways price floors and price ceilings are used commonly today in America.

Teaching Strategies:

Students will research one price floor and one price ceiling.  They will indicate reasons to support the particular price floor or ceiling.  6 reasosn to support each and six resaons to ppose. They will define the particular price floor or ceiling, and then conduct an indepth investigation.  They will use a provided graphic organizer.  Possible price ceilings to research include rent control.  Possible floors to reserach include minimum wage.  They will then create a Skitch image for both raising the minimum wage and not raising the minimum wage AND using rent control and not using rent control.

Minimum Wage Sources

Rent Control Sources

Summarizer:

Students will submit work, Skitch and graphic organizer.

(Next Week)

October 30 2017

Essential Question:

All Supply and Demand Standards and EQ's Apply/ Test Review Day

Activator:

Teaching Strategies:

Review on Kahoot.

Students will work on a provided study guide.  The study guide and unit notes are avaliable under Unit 4 Microeconomics entitled Supply Demand part 1 Study Guide and Supply and Demand Unit Notes.

Summarizer:

Socrative Exit on any final questions

October 31 2017

Essential Question:

All Supply and Demand Standards and EQ's Apply/ Test Day

Activator:

Teaching Strategies:

Test over Supply and Demand

Summarizer:

None/ Test Day