Current Events (split between today and tomorrow due to length "harsh realities"):
The Ch. 3 Sec. 2 Quiz Make-Up is today:
Cf. http://shanawiki.wikispaces.com/Honors+Business+Economics+Fall+2010+Chapter+3+Section+2+Quiz+Prep+Page
The Make-Up for the Chapter 3 Section 1 Quiz is today.
The Chapter 2 Make-Up Test is today.
Cf. http://shanawiki.wikispaces.com/Honors+Business+Economics+Chapter+2+Test+Prep+Page+Fall+2010
The Ch. 2 Sec. 3 American Free Enterprise Make-Up Quiz is today.
Standard 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
Ch. 5
Law of Supply
In-class assignment: in your own words, define demand. What is the Law of supply? How does demand relate to supply? Graph out a sample Law of supply.
Supply curve video
In-class assignment: define supply curve. In your own words, describe a supply curve.
Draw a supply curve graph by following the video.
Use the market for cars as your example.
Who needs to be willing and able?
What do suppliers want?
What do consumers want?
What happens when cars are more expensive?
What happens when there is a change in price?
What happens to demand?
market supply curve
In-class assignment: in your own words, define market supply (long run supply curve).
Long Run Supply Curve
quantity supplied
change in quantity supplied
change in supply
4th to enjoy
Changes in Supply, 4:39
In-class assignment, working with a partner, answer the following questions:
What do we mean by changes in supply?
Why do changes in supply occur?
What happens when supply decreases?
How do market forces effect supply after supply decreases?
What happens when supply increases?
How do market forces effect supply after supply increases?
What determines supply?
Seasonal
Hans Rosling's 200 Countries, 200 Years, 4 Minutes - The Joy of Stats - BBC Four, 4:48
The History of Christmas Tree Lights on the Internet, 3:18
THE DIGITAL STORY OF THE NATIVITY, 2:58
The Digital Nativity, 5:01
subsidy
supply elasticity
Gas Prices, Gas Gouging, Peak Oil, Elasticity, Supply Demand
Gasoline gas prices are based on oil prices. Oil prices are determined by the oil supply and oil demand. Right now, both oil supply and oil demand are almost inelastic. As gasoline gas and oil prices go up, the demand stays almost the same. As the oil supply reaches peak oil or maximum production or extraction, the demand curve becomes vertical, or inelastic. The inelasticity of the oil supply and oil demand set things up for price volatility of both oil and gasoline. The seasonal changes in gas and oil prices we've seen in the last three years is probably due to reaching peak oil. This short screencast shows an inelastic oil supply curve, as well as an inelastic oil demand curve, and what happens to prices as the oil supply or oil demand change.
Academic Vocabulary
Chapter 3 Prep
Chapter 3: Business Organizations
Cf. http://glencoe.mcgraw-hill.com/sites/007879997x/student_view0/unit1/chapter3/self-check_quizzes.html
Crossword Puzzle
Cf. http://www.glencoe.com/olc_games/game_engine/content/gln_ss/epp_08/ch03/index.html
Vocabulary eFlashcards
Cf. http://www.glencoe.com/qe/efcsec.php?qi=21820
Satchmo, Cool Yule, 3:00
Email (or hand in hard copy) to gmsmith@shanahan.org.
Wednesday HW
Keep Jesus in Christmas.
