Mr Goblirsch Economics OBJECTIVE S tudents W ill B e A ble T o SWBAT Apply the concepts of Supply amp Demand to the current oil market Analyze how the government sometimes intervenes with price ceilings amp floors ID: 368073
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Slide1
Tuesday October 21, 2014Mr. Goblirsch – Economics
OBJECTIVE –
S
tudents
W
ill
B
e
A
ble
T
o – SWBAT:
- Apply the concepts of Supply & Demand to the current oil market.
- Analyze how the government sometimes intervenes with price ceilings & floors.
AGENDA:
WARM-UP: Are Baseball Players Paid Too Much?
CURRENT EVENTS: Oil Prices
Plummeting
GUIDED PRACTICE: Ceiling & Floors Chart
*****HW: Examples of Shortage & Surplus DUE FRIDAY*****
Are Baseball Players Paid Too Much WARM-UP
:
(Follow the directions below)
***5 minutes***
Read P. 121, and answer the questions below.
How do the laws of supply and demand affect baseball players’ salaries?
What arguments might players make for free agency?
Do you think players should be allowed to become free agents, or do you feel the price to pay for free agency has been too high?Slide2
Section 1-12
Visit a shopping mall, grocery store, Target, Wal-Mart, or another store (online store works also).
Find 3 examples of surplus and 3 examples of shortage (sales = surplus, out of stock/rain checks = shortage)
Identify the items and describe WHY you think the items were at a surplus or shortage.
Post your responses on the Economics Forum of my website.www.goblirsch.weebly.comDUE FRIDAY
HOMEWORK
EXAMPLES OF SURPLUS & SHORTAGESlide3
DIRECTIONS
:
Read the “Oil Prices Plummeting” article with your partner.
As you read, annotate the text with the symbols below.
Write a ½ page summary of the factors relating to supply and demand and opinion of the effects of falling oil prices. Who does it hurt? Who does it help? How do you feel about falling oil prices?
CURRENT EVENTS: Supply & Demand
Oil Prices Are Plummeting
Symbol
What this symbol represents
What to write in your annotation
S
Factor relating to SUPPLY
Explain why you feel this is related to SUPPLY
D
Factor relating to DEMAND
Explain why you feel this is related to DEMAND
E
EFFECT
from falling oil prices
Describe the EFFECT
*
IMPORTANT information, key idea/concept
Summarize
or paraphrase the important information, key ideas/concept.