Economics – 11/18/2015

I.   Bellwork Q&A:  From a starting point of D & S

1. What is the current equilibrium price? Where does S &D intersect.
2. What is the new price if demand remains constant and supply increases to S²?
3. What would be the new price if demand decreases to D1 and Supply increases to S²?
4. What would be the price if demand remains constant D and Supply increases to S¹?
5. 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.
• Integrate and evaluate multiple sources of information presented in diverse formats in order to address a question or solve a problem

III.  Discuss

• Economic Low Down – Equilibrium
• Changes in Demand & Supply Graph

• Section 6-1 & 6-2Review Worksheet

 IV.   Classwork

A.   Read the article:Cheap Pearls   Cheap Pearls

• Summarize the article (4-5 sentences)
• Create an economic model demonstrating what is happening.

B.  Page148 Vocabulary (6)

 

Economics F2015