Economics – 10/24/16

I.  Bellwork:

A.  Fareed sells falafel sandwiches. He charges $4.00 a sandwich and usually sells 100 a day. He recently decided to increase the price of a sandwich to $4.80 and is currently selling 75 sandwiches a day. Use the total revenue test to determine if his falafel sandwiches are elastic or inelastic. Show your work.

B.  Based upon your answer, what market conditions may exist that would support your findings.

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.  Demand Curve Flash Cards

IV.  Chapter-4-Review– Due Tuesday for Summative points

V.  Tuesday Chapter 4 Exam – 2 Parts

• Constructive response
• Selective Response

VI.  Classwork:  Anyone playing with their phone or being disruptive will receive a zero

Click Link:            Shark Tank Season 8 Ep 6

https://www.youtube.com/watch?v=8myvcZqN3nQ

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 F2016