Current events:
The IMF appears to be re-arranging the U.S. economy. Dick Morris is a former adviser to Bill Clinton.
Today's lesson plan and HW is available on the blog: http://gmicksmithsocialstudies.blogspot.com/
Email: gmsmith@shanahan.org
The Shanawiki page (http://shanawiki.wikispaces.com/) has updated class information.
LibraryThing has bibliographic resources.
I moved the "Blog Archive" to the top right on the blog page so it should be easier to find the daily lesson, HW, and other class material.
Chapter Three, Demand and Supply
Handout 3-1 is an in-class group exercise with your small group.
Students are asked to draw graphs illustrating shifts in demand and supply
and changes in quantity demanded and supplied. Asking students to document
research about specifics in this topic (for example, changes in planted acreage).
Learning objectives: application of concepts of changes in quantity demanded
and quantity supplied versus changes in demand and supply; demonstration of mastery of graphing techniques; and reinforcement of critical thinking skills.
Web-based Exercise
What’s Been Driving Gasoline Prices?
This example can be used as an in-class group exercise.
Asking students to perform (and document) additional research allows you
to use it as a case study or group project as well. For example, students can be
asked to document gasoline sales to see if, as predicted, an increase in demand
results in both a higher price and a greater quantity sold.
Learning objectives: application of concepts of changes in quantity demanded
and quantity supplied versus changes in demand and supply; demonstration of mastery of graphing techniques; and reinforcement of critical thinking skills.
The Supply and Demand Effects of the Increased Use of Ethanol
Draw a supply and demand graph showing the market for corn in equilibrium. Label the demand curve as “DOld” and the supply curve as “S”. Then illustrate the effect of an increased demand for corn due to its being used to produce ethanol. Explain the changes in price and equilibrium quantity using the vocabulary of “changes in quantity demanded,” and “changes in quantity supplied,” as well as “change in demand” and “change in supply.”
Use a supply and demand graph to illustrate and explain the impact of a higher price of corn on any one of a wide variety of food products; be sure to include the effect on the cost of high-fructose corn syrup.
Send HW in email to gmsmith@shanahan.org for this exercise.
If you already finished Hand-out 3.1 in class; you have no HW; otherwise, finish whatever we did not get to finish in class.
Chapter 4 material, if we get to it, will not be on Wednesday's Test.
HW: gmsmith@shanahan.org
Study for Chapter 3 Supply and Demand, multiple-choice Test, 30 questions, on Wednesday.
