Economics – 11/07/18

I  Bellwork Questions & Answers:  Starting point of D & S

 

1. What is the current equilibrium price? Where S & D intersect.
2. What is the new price if demand remains constant and supply increases to S2?
3. What would be the new price if demand decreases to D1 and Supply increases to S2?
4. What would be the price if demand remains constant D and Supply increases to S1?
5. What could cause an increase in the supply of gold?

II  Objective

• Analyze how prices change through the interaction of buyers and sellers in a market including the role of supply, demand, equilibrium, surpluses, and shortages.
• Integrate and evaluate multiple sources of information presented in diverse formats in order to address a question or solve a problem

III.  Discuss

• Section 6-1 & 6-2 Review Worksheet

IV. Classwork/Homework

  A;   Read the article:Cheap Pearls  

1. Summarize the article (4-5 sentences)
2. Create an economic model (Graph) demonstrating what is happening.

V.  Quiz

A.  Graph in class

B.  iLearn Quiz  at home

Economics F2018