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Day 1: Markets and Demand (2.1 and 2.2)
Day 1: Markets and Demand (2.1 and 2.2)
Questions for the day:
1. Define Demand
1. Define Demand
2. Draw a demand curve for a particular product.
2. Draw a demand curve for a particular product.
3. Draw a movement along a demand curve. Explain what could cause such a movement.
3. Draw a movement along a demand curve. Explain what could cause such a movement.
4. What are 3 reasons for the downward slope of the demand curve?
4. What are 3 reasons for the downward slope of the demand curve?
Activity 1: Brownies for sale!
Activity 1: Brownies for sale!
Tell students to get out their money while I get out cookies – begin at a low price and ask how many students want to buy – write down prices and numbers willing to buy on board - increase price and watch numbers willing and able to buy decrease – graph the D schedule.
Tell students to get out their money while I get out cookies – begin at a low price and ask how many students want to buy – write down prices and numbers willing to buy on board - increase price and watch numbers willing and able to buy decrease – graph the D schedule.
Demand Review Video: Stop at 3 minutes! We'll get to demand shifts later.
Demand Review Video: Stop at 3 minutes! We'll get to demand shifts later.
Activity 3: Demand Schedules. Get into groups of 3-4. Choose one product that you would buy in the breezeway. Make up 5-6 different prices for that product and ask your group how many they would be willing to buy based on each price. (note: one person can buy more than one product). Be sure that your prices increase enough to have a noticeable difference in the quantity demanded as price increases.
Activity 3: Demand Schedules. Get into groups of 3-4. Choose one product that you would buy in the breezeway. Make up 5-6 different prices for that product and ask your group how many they would be willing to buy based on each price. (note: one person can buy more than one product). Be sure that your prices increase enough to have a noticeable difference in the quantity demanded as price increases.
Now graph them! graph 3 demand schedules. Explain (using your own words) why the D curve is downward sloping at the end of graphing.
Now graph them! graph 3 demand schedules. Explain (using your own words) why the D curve is downward sloping at the end of graphing.
Part 2 Determinants of Demand:
Part 2 Determinants of Demand:
Review Questions:
Review Questions:
1. Define Demand
1. Define Demand
2. Draw a demand curve for a particular product.
2. Draw a demand curve for a particular product.
3. Draw a movement along a demand curve. Explain what could cause such a movement.
3. Draw a movement along a demand curve. Explain what could cause such a movement.
4. What are 3 reasons for the downward slope of the demand curve?
4. What are 3 reasons for the downward slope of the demand curve?
Exit Slip:
Exit Slip:
1. Draw a movement along a demand curve. Explain what could cause such a movement.
1. Draw a movement along a demand curve. Explain what could cause such a movement.
2. Draw a shift of a demand curve. Explain what could cause such a shift.
2. Draw a shift of a demand curve. Explain what could cause such a shift.
Homework:
Homework:
Part 3: Supply and Determinants of Supply (2.5-2.6)
Part 3: Supply and Determinants of Supply (2.5-2.6)
Questions for the Day:
Questions for the Day:
1. What is the law of supply? (note the contrast w/ the law of demand)
1. What is the law of supply? (note the contrast w/ the law of demand)
2. Describe the relationship between an individual producer's supply and market supply.
2. Describe the relationship between an individual producer's supply and market supply.
3. Explain what a supply curve represents (what relationship is represented on a supply curve)?
3. Explain what a supply curve represents (what relationship is represented on a supply curve)?
4. Draw a supply curve
4. Draw a supply curve
5. How do factors including changes in costs of production (land, labour, capital and entrepreneurship), technology, prices of related goods (joint/competitve supply), expectations, indirect taxes and subsidies and the number of firms in the market change supply?
5. How do factors including changes in costs of production (land, labour, capital and entrepreneurship), technology, prices of related goods (joint/competitve supply), expectations, indirect taxes and subsidies and the number of firms in the market change supply?
6. Distinguish between movements along the supply curve and shifts of the supply curve.
6. Distinguish between movements along the supply curve and shifts of the supply curve.
7. Construct diagrams to show the difference between movements along the supply curve and shifts of the supply curve.
7. Construct diagrams to show the difference between movements along the supply curve and shifts of the supply curve.
Activities:
Activities:
1. Finish Determinants of Demand Posters/if finished, work on word wall
1. Finish Determinants of Demand Posters/if finished, work on word wall
2. Review:
2. Review:
Draw a demand curve and how it would be affected by the following:
Draw a demand curve and how it would be affected by the following:
1. Consumers of krispy kreme get a monthly pay raise. What would the impact be on the market for krispy creme donuts?
1. Consumers of krispy kreme get a monthly pay raise. What would the impact be on the market for krispy creme donuts?
2. If Roti is a substitute for Tortillas, graph the impact of a price reduction in roti on the market for tortillas.
2. If Roti is a substitute for Tortillas, graph the impact of a price reduction in roti on the market for tortillas.
3. If Dahi is a compliment for Dal, graph the impact of a price increase of Dal on the market for Dahi.
3. If Dahi is a compliment for Dal, graph the impact of a price increase of Dal on the market for Dahi.
4. A large number of Italian immigrants come to Delhi and their kids begin to attend AES. Draw a diagram to represent the impact on the market for pizza at AES.
4. A large number of Italian immigrants come to Delhi and their kids begin to attend AES. Draw a diagram to represent the impact on the market for pizza at AES.
5. There is a story on the news that taking vitamin C tablets can reduce one's risk of getting dengue. Draw a diagram for the impact on the market for vitamin C tablets.
5. There is a story on the news that taking vitamin C tablets can reduce one's risk of getting dengue. Draw a diagram for the impact on the market for vitamin C tablets.
Start new lesson on Supply
Start new lesson on Supply
Activity 1: Who wants to babysit for me! I'll give you 100 Rs/hour!.....
Activity 1: Who wants to babysit for me! I'll give you 100 Rs/hour!.....
Econ in the News: show how to find articles and evaluate them using what you know about economics!
Econ in the News: show how to find articles and evaluate them using what you know about economics!
Activity 3: Make Determinants of Supply posters
Activity 3: Make Determinants of Supply posters
Optional Extra Review of Supply: “Practice with S Schedules" Reasons for Changes in S (on same link)
Optional Extra Review of Supply: “Practice with S Schedules" Reasons for Changes in S (on same link)
Activity 5: More Econ in the News: Do 1”1.1D – S - Econ in the News #8” – "The Supply of Farm Products" with the class.
Activity 5: More Econ in the News: Do 1”1.1D – S - Econ in the News #8” – "The Supply of Farm Products" with the class.
Review Questions
Review Questions
Consider these headlines:
Consider these headlines:
i. Airlines expect more rules in response to increases accident rates.
i. Airlines expect more rules in response to increases accident rates.
ii. new teacher robots are expected to revolutionize teaching at major universities.
ii. new teacher robots are expected to revolutionize teaching at major universities.
iii. Shortage of apples expected to influence the apple juice industry.
iii. Shortage of apples expected to influence the apple juice industry.
iv. To save money, the government eliminates subsidies for sugar producers.
iv. To save money, the government eliminates subsidies for sugar producers.
v. Cotton growers relieved that peace talks are successful in war-torn country.
v. Cotton growers relieved that peace talks are successful in war-torn country.
For each headline:
For each headline:
a. state whether there is a shift or a movement along the supply curve
a. state whether there is a shift or a movement along the supply curve
b. state the kind of shift
b. state the kind of shift
c. create a diagram to demonstrate the shift
c. create a diagram to demonstrate the shift
d. identify the determinant that caused the shift
d. identify the determinant that caused the shift
Review: (Show me in your notes)
Review: (Show me in your notes)
1. What is the law of supply? (note the contrast w/ the law of demand)
1. What is the law of supply? (note the contrast w/ the law of demand)
2. Describe the relationship between an individual producer's supply and market supply.
2. Describe the relationship between an individual producer's supply and market supply.
3. Explain what a supply curve represents (what relationship is represented on a supply curve)?
3. Explain what a supply curve represents (what relationship is represented on a supply curve)?
4. Draw a supply curve
4. Draw a supply curve
5. How do factors including changes in costs of production (land, labour, capital and entrepreneurship), technology, prices of related goods (joint/competitve supply), expectations, indirect taxes and subsidies and the number of firms in the market change supply?
5. How do factors including changes in costs of production (land, labour, capital and entrepreneurship), technology, prices of related goods (joint/competitve supply), expectations, indirect taxes and subsidies and the number of firms in the market change supply?
6. Distinguish between movements along the supply curve and shifts of the supply curve.
6. Distinguish between movements along the supply curve and shifts of the supply curve.
7. Construct diagrams to show the difference between movements along the supply curve and shifts of the supply curve.
7. Construct diagrams to show the difference between movements along the supply curve and shifts of the supply curve.
Questions for the day:
Questions for the day:
1. Explain, using diagrams, how demand and supply interact to produce market equilibrium.
1. Explain, using diagrams, how demand and supply interact to produce market equilibrium.
2. Analyze, using diagrams and with reference to excess demand or excess supply. how changes in the determinants of demand and/or supply result in a new market equilibrium.
2. Analyze, using diagrams and with reference to excess demand or excess supply. how changes in the determinants of demand and/or supply result in a new market equilibrium.
Activity 3 Practice: Graph this scenario with S and D
Activity 3 Practice: Graph this scenario with S and D
Review:
Review:
1. Explain, using diagrams, how demand and supply interact to produce market equilibrium.
1. Explain, using diagrams, how demand and supply interact to produce market equilibrium.
2. Analyze, using diagrams and with reference to excess demand or excess supply. how changes in the determinants of demand and/or supply result in a new market equilibrium.
2. Analyze, using diagrams and with reference to excess demand or excess supply. how changes in the determinants of demand and/or supply result in a new market equilibrium.
Part 5: Role of Price in Resource Allocation
Part 5: Role of Price in Resource Allocation
Questions for the day:
Questions for the day:
1. Explain why scarcity necessitates choices that answer the 'What to produce?' question.
1. Explain why scarcity necessitates choices that answer the 'What to produce?' question.
2. Explain why choice results in an opportunity cost.
2. Explain why choice results in an opportunity cost.
3. Explain, using diagrams, that price has a signaling function and an incentive function, which result in a reallocation of resources when prices change as a result of a change in demand or supply conditions.
3. Explain, using diagrams, that price has a signaling function and an incentive function, which result in a reallocation of resources when prices change as a result of a change in demand or supply conditions.
Part 6: Market Efficiency
Part 6: Market Efficiency
1. Explain the concept of consumer surplus.
1. Explain the concept of consumer surplus.
2. Identify consumer surplus on a demand and supply diagram.
2. Identify consumer surplus on a demand and supply diagram.
3. Explain the concept of producer surplus.
3. Explain the concept of producer surplus.
4. Identify producer surplus on a demand and supply diagram.
4. Identify producer surplus on a demand and supply diagram.
5. Explain that the best allocation of resources from society's point of view is at competitive market equilibrium, where social (community) surplus (consumer surplus and producer surplus) is maximized (marginal benefit = marginal cost)
5. Explain that the best allocation of resources from society's point of view is at competitive market equilibrium, where social (community) surplus (consumer surplus and producer surplus) is maximized (marginal benefit = marginal cost)
Exit Slip:
Exit Slip:
1. Explain the concept of consumer surplus.
1. Explain the concept of consumer surplus.
2. Identify consumer surplus on a demand and supply diagram.
2. Identify consumer surplus on a demand and supply diagram.
3. Explain the concept of producer surplus.
3. Explain the concept of producer surplus.
4. Identify producer surplus on a demand and supply diagram.
4. Identify producer surplus on a demand and supply diagram.
5. Explain that the best allocation of resources from society's point of view is at competitive market equilibrium, where social (community) surplus (consumer surplus and producer surplus) is maximized (marginal benefit = marginal cost)
5. Explain that the best allocation of resources from society's point of view is at competitive market equilibrium, where social (community) surplus (consumer surplus and producer surplus) is maximized (marginal benefit = marginal cost)
Example Questions to review FOR ALL:
Example Questions to review FOR ALL:
1. Distinguish between a shift in the demand curve for a product and a movement along the product's demand curve.
1. Distinguish between a shift in the demand curve for a product and a movement along the product's demand curve.
2. With reference to two different determinants of demand, explain why the demand curve for bicycles might increase. Use a diagram to support your answer.
2. With reference to two different determinants of demand, explain why the demand curve for bicycles might increase. Use a diagram to support your answer.
3. Distinguish between a shift of the supply curve for a product and a movement along the product's supply curve.
3. Distinguish between a shift of the supply curve for a product and a movement along the product's supply curve.
4. With reference to two different determinants of supply, explain why the supply of coffee beans might decrease. Use a diagram to support your answer.
4. With reference to two different determinants of supply, explain why the supply of coffee beans might decrease. Use a diagram to support your answer.
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