Economics – 5/11/2016

I.  Bellwork

Hussam regularly sells 100 hot dogs each day for $1.75 each.  This week he raised the price to $2.25 and managed to sell 80 hot dogs.  Using the total expenditure test, explain if the demand for his hot dogs are elastic or inelastic.

II.  Objective:

• Examine the importance of entrepreneurs in a market economy as they attempt to obtain capital and financing to support their endeavors.
• Demonstrate understanding of  visual information by restating, paraphrasing, summarizing, critiquing the entrepreneurs products and the deals offered by investors on Shark Tank.

III.  Chapter 4 Test tomorrow

IV.  Classwork:  Anyone playing with their phone or being disruptive will receive a zero and detention when I return.

Click Link:            Shark Tank S07E21 – Season 7 Episode 21Full Episode

Write down the questions below.  Answer the questions for each entrepreneur and turn them in today.

1. What is the product/service or idea?
2. What is the entrepreneur asking for and what are they willing to give up?
3. What decision was made?
4. Explain your opinion on the product and deal that was or wasn’t made. 1-2 sentences

Economics W2016