Economics -4/20/15
I. Bellwork (Discuss the cases with your fellow students and write a complete response.
A.) Your store is constantly selling out of a certain cologne. Explain what can you conclude about the cologne’s current price in regards to equilibrium? Explain what should you do?
B.) The cost of attending college is becoming increasingly expensive and more difficult for many students to afford. Explain the positive outcomes would occur if the government put a cap or limit on college tuition? Explain what negative consequences may occur?
II. Objective
- Evaluate various explanations for actions or events and determine which explanation best accords with textual evidence.
- Analyze the impact of a change in public policy (price ceilings and price floors) on consumers, producers, workers, savers, and investors.
III. Discussion – Pgs. 156-161 Social Goals & Market Efficiency
- Section 6-1 & 6-2 Review Worksheet
- Worksheet32 From Disequilibrium to Equilibrium
- Price Ceilings and Price Floors
- Price Ceiling — Rent Control Example from John Stossel
IV. Price Controls Bridge Map – Price Floor & Price Ceiling
V. iLearn Quiz ends Thursday @ 4:30
VI. Classwork
- Page 156 Vocabulary (8)
- Are Rent Controls Necessary?
- (State your position & provide support) – 1 paragraph
- (State the counter claim & provide support) – 1 paragraph
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