Tuesday, December 21, 2010

Honors Business Economics: 22 December 2010

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.
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?


Philly News: "Teacher salaries issue sharpens across region; "You almost have class warfare here," said the president of the school board.

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 Nativity, 5:01

Dante Boogie


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.