Today we will begin our study of factor (resource) markets.
TODAY'S LECTURE (Hopkins 2.0)
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Learning Target
Analyze the ways in which incentives influence what is produced and distributed in a market system.
Evaluate the extent to which competition among sellers and among buyers exists in specific markets.
Describe the consequences of competition in specific markets.
Criteria for Success
I will be able to use ideas related to market equilibrium and elasticities to analyze economic problems.
I will be able to demonstrate this understanding using a graph of the aforementioned model.
Assignments
Read: Krugman (Modules 69, 70, and 72).
Watch: The video lecture for today's topic (linked above).
Optional: The videos linked below.
Khan Academy videos
Formative Assessment (MCQ's): You will take a formal assessment during class. The assessment will consist of multiple-choice questions and one FRQ from an old AP Exam. Doing the problem of the day and ensuring that you understand it will help you prepare for today's formative assessment and help to ensure that you understand the concepts in this lesson.
Practice problems for allocating multiple inputs: Click here.
Problem of the Day: Do "Tackle the Test" Questions at the end of Krugman Module 72.