Economics – 11/22/2016

I.  Bellwork

(Discuss the cases with your fellow students and write a complete response).

A.) Your store sells a cologne that is always selling out

• Explain what you can conclude about the cologne’s current price in regards to equilibrium?
• Explain what the pressure on price will be?

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 (price ceiling) on college tuition?
• Explain what negative consequences may occur?

II.  Objective:

• Evaluate various explanations for actions or events and explain how price, demand, and supply are impacted.
• Analyze the impact of a change in public policy (price ceilings and price floors) on consumers, producers, workers, savers, and investors.

III.  Videos:

• Price Controls
• Price Ceilings

IV. Notebook – Graph Price Controls

V.   Section 6-1 & 6-2 iLearn Quiz

Economics F2016