Economics – 11/04/19
I. Bellwork
Copy the schedule, identify and label the amount of shortage or surplus
| Price | Quantity Demanded | Quantity Supplied | Shortage/Surplus and Amount |
| $1.00 | 500 | 100 | |
| $2.00 | 350 | 200 | |
| $3.00 | 250 | 250 | |
| $4.00 | 150 | 400 | |
| $5.00 | 50 | 500 |
II. Objectives
- Analyze how prices change through the interaction of buyers and sellers in a market including the role of supply, demand, equilibrium, surpluses, and shortages.
- Use data to construct economic models illustrating equilibrium, shortage, and surplus areas.
III. Discussion and application of equilibrium and price changes
- Examine Bellwork
- Economic Low Down – Equilibrium
- Simple Supply and Demand
IV. Classwork
A. Worksheet 7.1 on iLearn from video
V. Equilibrium Quiz
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