I am out sick today. There are four things on the agenda:

Two short lectures about the interactions of Supply and Demand in the realm of oil prices (which we've studied a bit before).

Lecture 1: Breakdown in Prices (12 minutes)

Lecture 2: Short Run Prices (11 minutes)

Then I have two articles I would like you to complete SOAPS+Claim Analysis for next class; be sure to see the "personalization" section I've added at the end.

SOAPS + Claim

Subject: What is the essay’s topic?

Occasion: What was the impetus for the writer’s writing the essay at this time?

Author/Audience: Who is the writer? What are his/ her credentials? Why should readers take seriously what she/ he has to say? To whom does the writer address his /her concerns?

Purpose: why did the writer write the essay? What does he /she want to convince readers of or persuade them to do?

Significance: To what does this piece relate? How might it be important to me, to others; to the world?

Claim: What is the writer intending to prove or establish? 

PERSONALIZATION: How does this information (or should this information) apply to me know or in my future?

You will get paper copies of the two articles (set up for margin notes); they are available online as follows:

Apps are getting millennials interested in money – but can they be trusted?

Why We Think We’re Better Investors Than We Are

Monday, 29 March

After complete review of questions 23-33 in the Chap 5.3 review the class will focus on the interactions of the Law of Supply and the Law of Demand and how changes in various forces will shift how a market operates.

Some students found the following annotated graph useful in understanding the concept of marginal cost of production, and profit.

Next the class consider the intersection of the supply curve and demand curve. The class studied the two lectures linked below to learn how understanding the intersection of supply and demand and price provides understanding of market dynamics.

Market equilibrium and changes in market equilibrium

Thursday, 17 March

The class began with a review and discussion of the Chapter 5 questions; class got through item 22 and will begin with 23 on the Monday after break.

Students should continue to bring their Economics text book.

Tuesday, 15 March

the class worked through the lesson presented at the end of the last blog entry; after that students are to begin studying Chapter 5.3 in the Economics text book. The questions on pages 157-159 are due at the start of class on March 17th.

Friday, 11 March

NOTE: NEXT CLASS IS GRANT ACT DAY. 

Mr. Zartler will teach in the following rooms:

2nd period Room 133 (normally Warfield)

3rd and 4th Period Room 129 (normally Cooper)

 Class began with a quick review of supply and demand in the Hudsucker Proxy clips from last class.

Next the class worked through the lesson presented at the end of the last blog entry; after that students are to begin studying Chapter 5.3 in the Economics text book. The questions on pages 157-159 are due at the start of class on March 17th.

Supply and Demand and Toy Fads

The relevant links are:

ABC News Report on Silly Bandz

USA Today video and print story: Silly Bandz stretch into a trend as copycat rivals hop on board (This clip may load very slowly).

Supply and Demand 1: A short animated lecture on Supply and Demand (1:40)

Supply and Demand 2: Slide lecture

Hula Hoop Case Study

Silly Bandz Case Study

After reviewing the above material, students should review the conclusions at the end of this section of the blog, and answer the questions below:

Assessment

Answer the following questions: 

Supply and Demand Questions

1. Draw a supply and demand graph and label the necessary parts. Be sure to properly label the locations of price, quantity, supply, demand, equilibrium price, surplus, and shortage.

Should Look Like This:

Supply and Demand Graph Answer

Choose the best answer.

2. Why does the supply curve slope up and to the right?

1. As the price rises the quantity supplied by producers will fall.
2. As the price falls the quantity supplied by producers will rise.
3. As the price rises the quantity supplied by producers will rise. 

3. Why does the demand curve slope down and to the right?

1. As the price falls the quantity demanded by consumers will fall.
2. As the price rises the quantity demanded by consumers will fall.
3. As the price rises the quantity demanded by consumers will rise.

4. If the quantity supplied exceeds the quantity demanded, then there is a _______ in the market.

1. Surplus
2. Shortage
3. Supply

5. If the quantity demanded exceeds the quantity supplied, then there is a _______ in the market.

1. Supply
2. Shortage
3. Demand

Conclusion

The laws of supply and demand can be used to show the relationship between producers and consumers. Prices are used in the market to help producers and consumers communicate with one another. The value-scales of producers and consumers are coordinated through the price system. If the supply of a product matches the demand for the product, the price is said to be at equilibrium and the quantity supplied will match the quantity demanded. If the price of a product is too high, then supply will exceed the demand, and there will be excess supply or a surplus of goods or services. If the price of a product is too low then demand, will exceed supply and there will be excess demand or a shortage of goods or services.

The case studies for Hula Hoops and Silly Bandz exemplify how changes in demand for consumer products can shift tremendously over short time periods. The video clip from the Hudsucker Proxy provides an example of how prices are changed in response to demand. Prices will rise or fall based on the supply and demand for goods or services. The change in demand for Hula Hoops intially decreased the price due to a lack of demand. Subsequently demand sky-rocketed for Hula Hoops and led to a large increase in the price level, as consumers who wanted to buy a Hula Hoop were willing and able to pay more for the toy. Today, we have seen a similar rise in demand for Silly Bandz, however the price level for Silly Bandz has not risen. Producers of Silly Bandz are sensitive to the idea of raising the price for their product; part of their marketing strategy is that their toy is a cheap alternative to video games and other children's toys that are more expensive. Given their unwillingness to raise prices, continued excess demand can only be met by increasing the supply, which includes substitute brands entering into the market and gathering market share.

ADDITIONAL LINKS:
New law about labor in New Zealand
Pets, debts and e-cigarettes: how millennials spend their paychecks

Wednesday, 9 March

Students should bring Economics Text books to class until further notice.

Some classes need to complete note taking from last class: Long Term Supply Curve


All students are being given the opportunity and urged to REGISTER to VOTE.



Class will then be focused on the following lesson

But we will use this set of clips from The Hudsucker Proxy instead of those embedded in the lesson.

Supply and Demand (together -- as always)

Goals for the lesson include:

Key Concepts

Demand , Equilibrium Price , Shortage , Supply , Surplus

Students Will Be Able to

• Define supply and demand.
• Draw a supply and demand curve and label the parts.      
• Demonstrate the relationship that prices play in supply and demand for different goods and services.
• Define surplus, shortage, and equilibrium.
• Label the parts of the supply and demand curve which identify shortage, surplus, and equilibrium.

ASSESSMENT Questions 1-5 (at end of the above lesson and presented below) WILL BE TURNED IN NEXT PERIOD

Answer the following questions: 

Supply and Demand Questions

1. Draw a supply and demand graph and label the necessary parts. Be sure to properly label the locations of price, quantity, supply, demand, equilibrium price, surplus, and shortage.

Should Look Like This:

Supply and Demand Graph Answer

Choose the best answer.

2. Why does the supply curve slope up and to the right?

1. As the price rises the quantity supplied by producers will fall.
2. [As the price falls the quantity supplied by producers will rise.]
3. As the price rises the quantity supplied by producers will rise. 

3. Why does the demand curve slope down and to the right?

1. As the price falls the quantity demanded by consumers will fall.
2. [As the price rises the quantity demanded by consumers will fall.]
3. As the price rises the quantity demanded by consumers will rise.

4. If the quantity supplied exceeds the quantity demanded, then there is a _______ in the market.

1. [Surplus]
2. Shortage
3. Supply

5. If the quantity demanded exceeds the quantity supplied, then there is a _______ in the market.

1. Supply
2. [Shortage]
3. Demand

Monday, March 7th

Game Theory and Politics: Gov. Kasich is still in the race....

Class began with a small group sharing of the "Economic Stories" and self evaluation of the projects. Projects were turned in after all assigned words and topics had been highlighted and students completed the their portion of the evaluation rubric.



Next the class was re-introduced to the "Law of Supply." Class viewed three distinct Khan Academy multi-media lectures
1) The Law of Supply
2) Factors Affecting Supply
3) Long Term Supply Curve

After taking notes and discussing the implications of this law, the class learned a little Oregon Economic History by studying an article from OregonLive: Past Tense Oregon: Oregon's post-war economy directly tied to Columbia River dams

Topics coming up over the next few days include the interactions of supply and demand for a given product, and the effects of labor supply and wages on jobs and the economy.

Thursday, 3 March

Economic Story Project is due NEXT CLASS!

Class began with taking and reviewing the scheduled quiz. Students who missed the quiz may take it open book for reduced credit (See Mr. Zartler for the quiz).

After reviewing the correct answers to the quiz, students had time to work on their projects and to conference on the project with Mr. Zartler

Tuesday, March 1st

Today we will be taking some time to return to the study of Game Theory. We will be reading and analyzing the article Lessons From Game Theory: What Keeps Kasich in the Race?

The article tries to explain the complicated interrelated strategies in the Republican Primary for President from the point of view of the person seemingly least likely to win, yet who has not yet dropped out, Governor John Kaisch johnkasich.com

The article focuses on the other candidate most like Gov. Kaisch, Senator Marco Rubio Marcorubio.com

The polls currently show support for the various Republican candidates as:

Donald Trump -- 35%
Senator Ted Cruz -- 20%
Senator Marco Rubio --18%
Ben Carson --9%
Governor John Kaisch --9% (8/8%)

Here is a depiction of the main candidates in the current primaries; currently in American politics, a candidate (and the party she or he stands for) must capture more than half of the "moderate" vote in order to win.

As you read the article take notes in order to think about, understand, and answer the questions prompted on the handout.

How is the "car crash" in the first paragraph a metaphor?

Why is it that, "The longer both candidates remain the race, the worse it is for both of them"?

What are the three (3) pertinent strategies for bargaining?

How is what Sen. Rubio believes about Gov. Kaish important?

What is the importance of promises in negotiations?

Explain the importance of "saving face" in a game of chicken.

Explain issues around "acting crazy" in a game of chicken.

What are alternating victories, and when are they common?

After analyzing the article on Game Theory, students had time to complete the story board for the Economic Story Telling Project.