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