In what ways have we seen this law of supply and Demand played out in class Homework Community Service Project Proposal Write 1 paragraph on What you propose to do for Community Service Be sure to include ID: 729108
Download Presentation The PPT/PDF document "Demand Warm Up What do you already know ..." is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Slide1
DemandSlide2
Warm Up
Write down three content-based questions that you have for the quiz
Don’t answer your own questionsSlide3
Homework: Complete Study Guide
Write out all notes and relevant material for everything on the study guideSlide4
Looking Ahead
Quiz on Economic systems- Per. 3: Friday, Per. 7: Thursday
I will be doing a Warm Up Check during the quiz going back to First day of second Semester
Community Service Hours Sheet Due on April 15th (200 Points)
Stock Market Project Final portfolio Due on May 15th (100 Points)Slide5
Learning Objectives
Enhance Review Skills
Synthesize Economic Systems-Free Enterprise
Engage in Collaborative LearningSlide6
Switch Warm Ups with a Partner
Have your partner answer your questions
Switch Back
See what Questions you have for meSlide7
Quiz
RevieW
Sheet
Complete the Review Sheet for the quiz on Economic Systems-Free EnterpriseSlide8
Kahoot
THIS IS ONE TIME THAT YOU WILL BE ALLOWED TO USE YOUR CELL PHONES
Login to
Kahoot
. It
Enter your name
Plug in the Pin Code that I will show you
Winner= 10 points extra credit on quiz
2nd Place= 7 points extra credit
3rd place= 5 points extra creditSlide9
Charades
-One group member will act out a word
-The group member can’t talk or draw
-The group has 30 seconds to guess the word on the card
-Points will be taken away if a group complainsSlide10
Re-Write the Lyrics to a song
Re-write a song that you know using vocabulary words that you think will be on the quiz
Use this as a way to prepare for the quiz
You have the choice of singing the song for class, or Making Mr. Rosenberg sing it
All Lyrics must be Classroom
ApprorpriateSlide11
Create your own Matching Sheet
Create your own Matching Sheet to study for the quiz
On the left side of your paper, write out 2o Vocab terms that you think will be on the quiz
Leave some space to the left of each Vocab Term
On the right Side of Your Paper, write out definitions for each term, but not in the same order that you wrote your vocab Terms
Have your Partner fill out your Matching SheetSlide12
Warm Up
Get Ready to take Quiz
oN
Econ Systems-Free Enterprise
Put Warm Ups under your desk and ready for me to checkSlide13
Homework: Community Service Check In
In 2-3 Paragraphs, Explain the Following
An explanation of what you are doing and how you are helping
What are you learning from this experience- About yourself, your community, and doing service for your community, time management
Why you believe Community Service is important and how You plan to continue helping your community after you graduateSlide14
Learning Objectives
Enhance Quiz-Taking Skills
Synthesize Economic Systems- Free Enterprise
Transition into DemandSlide15
Take Quiz on Econ Systems-Demand
Take Quiz
Eyes on Your Own Paper
No talking
Put Quiz on Ta’s Desk when you are finishedSlide16
Transitioning Question
What do you already know about the law of Supply and Demand?
In what ways have we seen this law of supply and Demand played out in class?Slide17
Analyzing Demand
Demand: The Quantity of a good or service that consumers are willing and able to buy at various prices
Law of Demand: As the price of a good or service increases, the quantity demanded decreases, and vice Versa
Substitution Good: Goods that are used in place of one another which satisfy the same basic want as another product
Complementary Good: A product that is used together with another productSlide18
Check for Understanding
Do you believe the law of Demand is always true? Why or why not?
Identify three examples of substitute goods
Identify three examples of Complementary GoodsSlide19
Make that Money: Eliminate the Competition
Write a 1-Paragraph Scenario In which you Become a Competitor for Producing a good that you think is overly priced
Your Scenario has to Demonstrate the Law of Demand, Substitution Goods, and Complementary Goods
You have to explain why you are going to be making money in this scenario
You need 3 Graphics or Images to help Explain the Scenario you have createdSlide20
Demand Schedule
Market Demand Schedule: A Table that Lists the Quantity of a good All Consumers in market will buy at each different price
Individual Demand Schedule: Table That lists the quantity of a good that one person will buy at each price
Under your paragraph, Create an Individual Demand Schedule and a Market Demand Schedule for the Good that you are producingSlide21
Biggie’s Individual Demand Schedule
Price of Dog Treats
Quantity Demanded
Per Day
$1.00
5
$2.00
4
$3.00
3
$4.00
2
$5.00
1
$6.00
0Slide22
Biggie
inc.’s
Market Demand Schedule
Price of Dog
Treats
Quantity Demanded Per Day
$1.00
300
$2.00
250
$3.00
200
$4.00
150
$5.00
100
$6.00
50Slide23
Warm Up
What is the difference between an Individual and Market Schedule?
Which one would fall under
MacroEconomics
and Which one would fall under
MicroEconomics
?Slide24
Homework: Community Service Check In
In 2-3 Paragraphs, Explain the Following
A. An explanation of what you are doing and how you are helping
B. What are you learning from this experience- About yourself, your community, and doing service for your community, time management
C. Why you believe Community Service is important and how You plan to continue helping your community after you graduateSlide25
Learning Objectives
Analyze Factors that impact Demand of a good
Enhance reading and writing Abilities
Interpret Demand VocabularySlide26
Create an Individual and market Demand Curve
Demand Curve: A Graphic Representation of a Demand ScheduleSlide27
Thinking Question
How does the price of a good impact demand?
What other Factors could impact the demand of a good other than price?Slide28
Factors that can Change the Demand of a good
Income
Number of Consumers
Consumer Tastes and Preferences
Consumer Expectations
Price of Substitute Goods
Price of Complementary GoodsSlide29
Check For Understanding
Rank the Factors that Can Change the Demand of a good from Most Impactful to Least Impactful
Be Ready to Explain why You ranked the factors in the way that you didSlide30
Journal 6: The Surging Hispanic Economy
What do Nationwide Statistics, from 1990-2003, tell us about the income of Latinos?
What examples of Hispanic entrepreneurs does the article give?
According to the article, why were some businesses having trouble selling products to the Hispanic market?
This Article focuses on Charleston, S.C.- Do you think it would be different if the author focused on California? Why or Why not?
Which Demand factor do you think is most important when Considering the Economic Changes as a result of increasing Hispanic consumers, producers, Employees, and Employees?Slide31
Normal and Inferior Goods
Normal Good: Good that consumers demand more of when the income of the consumer increases
Inferior Good: Good that consumers demand less of when the income of the consumer increases
Create a list of 5 goods that you would consider Normal and Inferior GoodsSlide32
Warm Up
What is the difference between a normal and inferior good?Slide33
Homework: Complete Test Study Guide
Write out all notes and relevant material for everything on the study guideSlide34
Learning Objectives
Analyze Elasticity and Demand
Engage in Artistic Expression
Interpret Demand VocabularySlide35
Elasticity and Demand
Elasticity: Measure of the degree to which the quantity demanded or supplies of a good or service changes in response to change in Price
Elasticity of Demand: Measure of Consumers Sensitivity to a change in price
Inelastic: Describes demand that is not very sensitive to a change in price
Elastic: Describes demand that is very sensitive to a change in priceSlide36
Check for Understanding
Identify three goods that are elastic
Identify three goods that are inelastic
Explain why you categorized these goods as inelastic or elasticSlide37
Artistic Expression
For each of the following terms, create a drawing to show what they mean:
Elastic
Inelastic
Normal Good
Inferior GoodSlide38
Demand Vocab Sheet
Complete the Demand Vocab SheetSlide39
In-Class Time to work on Study Guides
Use this In-Class time to work on your on Study Guides for the Upcoming TestSlide40
Warm Up
What factors can you name that will Impact the Elasticity of a good?Slide41
Homework: Complete Test Study Guide
Complete the Study Guide for the Test on Econ Systems-Demand by writing out all relevant notes and material for each word, term, concept, person, place, idea, etc. that you think will be on the testSlide42
Looking Ahead: Test Next Week
Test on Econ Systems-DemandSlide43
Learning Objectives
Analyze Factors that impact the elasticity of a product
Interpret Total Revenue
Enhance Writing AbilitiesSlide44
Factors that Affect Elasticity
1. Availability of Substitutes
2. Price Relative to Income
3. Necessities vs. Luxuries
4. Price Changes over TimeSlide45
Discussion Questions
What goods can you think of that used to be luxuries but are now considered necessities?
How has this change over time impacted the Elasticity of these goods?
What is Ethics? How Could Demand become an Ethical issue?Slide46
Total Revenue
Total Revenue: The Total Amount of Money a Firm receives by Selling Goods or Services
Think about the following producers: Which can expect a revenue increase from higher prices and which can expect a revenue decrease from higher prices. Be ready to explain why you think this:
Pharmaceutical Companies
Entertainment Software Companies
PG&E
Sportswear
ManufactureRSlide47
Check for Understanding
What is Elasticity and what Role does it play in Economics?Slide48
In Class Time to work on Study Guides
Use this In-Class time to work on your on Study Guides for the Upcoming Test