Tuesday, July 7, 2020, Economics: Day 14

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

• explain the law of demand.
• understand how the substitution effect and the income effect influence decisions.
• create a demand schedule for an individual and a market.
• interpret a demand graph using demand schedules. 
• create and interpret supply schedule and curve.
• indentify the cost of production.

Warm Up 10 minutes: What is meant by the phrase, "there is no such thing as a free lunch?" TINSTAAFL
Review 15 minutes: Students review Ch.1 of their homework with the instructor.
Graphing 15 minutes: Guns or butter (students copy in notes), Production Possibilities Curve (students make their own)p. 15. Trade-Offs (students come up with three examples of trade-offs)p.8
Review 15 minutes: Students review Ch.2 of their homework with the instructor.
Independent Work 
Simulation 30 minutes: Students will design an economic system. p. 48-49 #1-4
Key Terms 20 minutes: Please put the following into your own words p. 79-88

1. demand 
2. law of demand
3. substitution effect
4. income effect
5. demand schedule 
6. market demand schedule
7. demand curve.

Key Terms 10 minutes:  Define: Normal Good, Inferior Good, Complements, Substitutes p.86-88

1. Define
2. Come up with three examples for each. 

Assessment 25 minutes:  Ch. 4.3 p. 96 #1-7 

Simulation 30 minutes:  Entrepreneur Project

1. Type of Business
2. Good or Service 
3. Land/ Labor/ Capital 

Key Terms 20 minutes: Please put the following into your own words p. 101-107

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 

Second hour Google Meet 

Lecture 20 minutes:  Shifts of the Demand Curve 

Activity 20 minutes:  Students create a demand schedule. Using the demand schedule, students will create a demand curve. Identify three examples of a shift in the demand curve and reasons for the shift.
Cost of Production 15 minutes:  Students do cost of production simulation. p. 109

Lecture 20 minutes:  Shifts of the Supply Curve 

Activity 20 minutes: Students create a supply schedule and curve. Identify three examples of a shift in the demand curve and reasons for the shift.
Stock Market Project https://www.howthemarketworks.com/register/156006 

Closing 5 minutes: Survey