Economics – 11/07/19
I. Bellwork (Discuss the cases with your fellow students and write a complete response.
A.) Your store is constantly selling out of a certain cologne.
- Explain what can you conclude about the cologne’s current price in regards to equilibrium?
- Explain what should you do?
B.) The cost of attending college is becoming increasingly expensive and more difficult for many students to afford.
- Explain the positive outcomes that would occur if the government put a cap or limit on college tuition?
- Explain what negative consequences may occur?
II Objective
- Evaluate various explanations for actions or events and determine which explanation best accords with textual evidence.
- Analyze the impact of a change in public policy (price ceilings and price floors) on consumers, producers, workers, savers, and investors.
III. Discussion – Pgs. 156-161 Social Goals & Market Efficiency
- Price Ceilings and Floors- Economics 2.5
- Price Ceilings and Price Floors
- Price Controls
- Price Ceilings
- Price Ceiling — Rent Control Example from John Stossel
IV. Price Controls Bridge Map – Price Floor & Price Ceiling
V. Classwork: Micro 2.5- Price Controls on iLearn
VI. iLearn Quiz tomorrow Sections 6.1 & 6.2
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