Economics – 1/10/2020

I.  Bellwork on iLearn

II.  Objectives:

  • Review and discuss topics covered on the final exam.
  • Analyze economic problems and construct written responses which explain the issues and provide accurate solutions

III. Turn in Your Books on Monday or receive a $80 delinquency’

IV.  What to study:

A.  Final Exam Review Sheet on iLearn

B.  Economics – Post Test  on iLearn

C.  Create and label graph – identify surplus, shortage & equilibrium

Equilibrium picture 2
Equilibrium picture

V.  Classwork

A.  Construct a graph to illustrate cost-push inflation

B.  Construct a graph to illustrate demand -pull inflation

C. Draw the table below and construct the graph label equilibrium quantity and price

D.  Draw a simple supply and demand graph and explain where a price ceiling would be located and who benefits from it.

E. Draw a simple supply and demand graph and explain where a price floor would be located and who benefits from it.

F.  Explain a deficit and how it can be corrected.

G.  Use a diagram to provide an example of trade-offs and an opportunity cost and explain the process.

H.  Some people have argued that the reported unemployment rate actually understates the extent of unemployment. Explain this reasoning and provide examples for support.

VI.  Exam:   Monday –     Questions and graphs

                   Tuesday –  Multiple Choice

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