Economics – 11/05/12
I. Bellwork Q&A
From a starting point of D & S
- What is the current equilibrium price?
- What is the new price if demand decreases and supply increases to S1?
- What would be the new price if demand decreases and Supply increases to S2?
- What would be the price if demand remained constant and Supply increases to S2?
- What could cause an increase in the supply of gold?
II.Objective:
Analyze how prices change through the interaction of buyers and sellers in a market including the role of supply, demand, equilibrium, surpluses, and shortages.
III.Discussion and application of price changes
New York fuel “panic” grows even as ports open, reserves tapped
IV. Quiz on iLearn (Today through Wednesday 5:00 pm)
V. Chapter 6 Test Thursday
VI. Classwork
- Review Worksheet
- Page 154 2-7 Q&A
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