Thursday, July 9, 2020, Economics: Day 16

First hour Google Meet 
Into 5 minutes: Standards, Objectives, Agenda, and Attendance
Objectives: SWBAT

• describe supply and demand
• interpret supply and demand.
• determine price based off of supply and demand.
• identify different market structures.

Warm Up 15 minutes: Please define the following in your own words: p. 101-106

1. Supply
2. law of supply
3. quantity supplied
4. supply schedule
5. variable
6. market supply schedule
7. supply curve
8. market supply curve
9. elasticity supply

Lecture 15 minutes: Teacher talks about supply schedule and curve & Change in Supply
Activity 20 minutes: Students create a supply schedule. Using supply schedule, students create a supply curve.
Activity 15 minutes: Law of Diminishing Marginal Utility
Independent Work 
4-Square Activity 25 minutes: p. 111-112 Fixed Costs, Variable Costs, Total Cost, Marginal Cost

1. Describe
2. Significance
3. Draw/Illustrate

Activity 20 minutes: Please create a supply curve for each and show what kind of shift would occur to supply in each of the following scenarios:

1. Effect of Rising Costs
2. Technology
3. Subsidies
4. Taxes
5. Regulation
6. Future Expectations of Prices
7. Number of Suppliers

Key Terms 20 minutes: Please define in your own words: p. 125-131

1. equilibrium
2. disequilibrium
3. excess demand
4. excess supply
5. price ceiling
6. price floor
7. rent control
8. minimum wage

Presentations 35 minutes: Perfect Competition p. 151, Monopoly p. 156, Monopolistic Competition and Oligopoly

1. Using Objectives and the beginning of the section create a presentation for classmates using google slides.

Second hour of Google Meet 
Cost of Production Simulation 15 minutes: Students finish cost of production chart. "Diminishing Margin of Return. p. 109
Lecture 15 minutes: Teacher instructs students on Supply and Demand Curve

• Equilibrium
• Price Floor
• Price Ceiling 

Graphing 10 minutes: Students graph the following  

• Equilibrium
• Price Floor
• Price Ceiling

Closing 5 minutes: Review Objectives.