Economics – 6/01/2016
I. Bellwork
Copy the schedule, identify and label the amount of shortage or surplus
| Price | Quantity Demanded | Quantity Supplied | Shortage/Surplus |
| $1.00 | 500 | 100 | |
| $2.00 | 350 | 200 | |
| $3.00 | 250 | 250 | |
| $4.00 | 150 | 400 | |
| $5.00 | 50 | 500 |
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.
- Synthesize information from a range of sources (e.g., texts, experiments, simulations) into a coherent understanding of a process,
- Draw evidence from literary or informational texts to support analysis and reflection
III. Notebook: Shortage and Surplus Identification
IV. Discuss
- Section 6-1 & 6-2Review Worksheet
V. Classwork
A. Read the article:Cheap Pearls Cheap Pearls
- Summarize the article (4-5 sentences)
- Create an economic model demonstrating what is happening.
B. Page 154 2-7 Q&A
VI. 6-2 Quiz – Graphing Supply and Demand tomorrow
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