Current Events:
Economic Impact of Black Friday
The Ch. 2 Sec. 3 American Free Enterprise Make-Up Quiz is today.
New feature:
The electronic edition of the Philadelphia Inquirer is available. We have the Sunday edition, available on Mondays, in addition to the Tuesday through Friday editions on the other days.
Please follow the steps below:
URL: http://nie.philly.com
Click on the words "Access e-Inquirer" located on the gray toolbar underneath the green locker on the opening page.
Login:
Username: bshsinky@shanahan.org
Password: 10888
The electronic editions will be archived at the site for 30 days only.
Vocabulary eFlashcards
Show Business is the Federal Reserve Bank of Boston's learning activity on economics and the entertainment industry. The goal is to provide an additional tool for teaching and learning about basic economic concepts, with some economic history snuck in.
Cf. http://www.bos.frb.org/entertainment/index.htm
A music video from School House Rock on investing and Wall Street.
Cf. http://www.shmoop.com/corporations-stocks/botw/resources?d=http://www.gamequarium.org/cgi-bin/search/linfo.cgi?id=3797
Preview
Unit 2
Prices and Markets
Chapter 4 Demand
(Supply and) Demand, 4:52
In-class assignment: in your own words, summarize and explain supply and demand. Draw an individual (each student) sample Supply and Demand Curve as it is described in the video. What is the relationship between prices and quantity demanded? What does it mean in Economics to move towards equilibrium? What is the consumer surplus? What is a producer surplus?
Why It Matters
The Big Idea
Section 1 What is Demand?
The demand for a good or service is defined to be the relationship that exists between the price of the good and the quantity demanded in a given time period, ceteris paribus ([key-te-rees pah-ri-boos] other things being equal).
Guide to Reading
Section Preview
Content Vocabulary
demand
microeconomics
market economy
demand schedule
demand curve
Deriving the Demand Curve, 2:09
In-class assignment: if asked to explain to a friend who knew nothing about the demand curve, how would you explain it? Where does the demand curve come from?
Law of Demand
Introduction to the law of demand, and what it means, 4:44
In-class assignment: what is the law of demand? What does the law mean? Spending is effected by price, disposable income, luxury/necessity, tastes/preferences, age, gender, social status, weather, and other factors such as expectations of the future. However, what are the two most important factors to focus on?
market demand curve
marginal utility
diminishing marginal utility
Diminishing Marginal Utility, 4:15
In-class assignment: define diminishing marginal utility based on the video and its explanation.
Academic Vocabulary
prevail
inversely
Reading Strategy
Products in the News
Wrist Watch
An Introduction to Demand
Main Idea
Economics and You
Demand Illustrated
The Individual Demand Schedule
The Individual Demand Curve
Reading Check
Interpreting
How do you react to a change in the price of an item? How does this illustrate the concept of demand?
The Law of Demand
Main Idea
Economics and You
Why We Call It a "Law"
The Market Demand Curve
Reading Check
Explaining
How does the market demand curve reflect the Law of Demand?
Demand and Marginal Utility
Main Idea
Economics and You
Reading Check
Describing
How does the principle of diminishing marginal utility explain the price we pay for another unit of a good or service?
HW email to gmsmith@shanahan.org or hand in hard copy.
The Chapter 2 Test is Thursday.
Cf. http://shanawiki.wikispaces.com/Honors+Business+Economics+Chapter+2+Test+Prep+Page+Fall+2010
Monday HW
1. p. 56, #1-8 (you only need to write the letter of the term, not the whole sentence).
2. How much does a baseball glove cost? What are the possible reasons for different prices?
