Monday and Wednesday, July 13 & 15, 2020: Day 17 & 19

Please complete assignments 1&2 before July 14, 2020 when class meets.
Book: O'Sullivan and Sheffrin. Economics: Principles in Action. Prentice Hall

1. Chapter 8 Assessment: Business Organizations p. 206-207 Key Terms, Using Graphic Organizers, Reviewing Main Ideas, Critical Thinking, Problem-Solving Activity, Skills for Life.
2. Chapter 9 Assessment: Labor p. 236-237 Key Terms, Using Graphic Organizers, Reviewing Main Ideas, Critical Thinking, Problem-Solving Activity, Skills for Life.
3. Chapter 10 Assessment: Money and Banking p. 266-267  Key Terms, Using Graphic Organizers, Reviewing Main Ideas, Critical Thinking, Problem-Solving Activity, Skills for Life.
4. Case Studies: Business and Ethics p. 205, Americans Improve Their Working Conditions p. 235, Big Banks and Small p. 265

Study Guide

1. need/want
2. Economics
3. goods/services
4. scarcity
5. factors of Production: Land, Labor, Capital
6. Entrepreneur
7. Guns or Butter/ Trade-Offs
8. Opportunity Cost
9. Production of Possibilities Frontier
10. Standard of Living
11. Market/ Command/Mixed Economies
12. specialization
13. profit
14. Self-interest
15. competition
16. Invisible Hand
17. profit motive
18. voluntary exchange
19. macro/micro economics
20. GDP
21. business cycle
22. externality
23. Demand- Law, schedule, curve, why it shifts
24. Supply- Law, schedule, curve, why it shifts
25. Price- Equilibrium, excess/shortage, ceiling/floor
26. Fixed, Variable, Total, Marginal cost
27. Perfect Competition v. Monopolistic Competitions and Oligopoly

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.

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