Sunday, November 28, 2010

Honors Business Economics: 29 November 2010

Current Events:

Economic Impact of Black Friday

The Ch. 2 Sec. 3 American Free Enterprise Make-Up Quiz is today.

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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.


A music video from School House Rock on investing and Wall Street.



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



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



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


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


How does the market demand curve reflect the Law of Demand?

Demand and Marginal Utility

Main Idea

Economics and You

Reading Check


How does the principle of diminishing marginal utility explain the price we pay for another unit of a good or service?

HW email to or hand in hard copy.

The Chapter 2 Test is Thursday.


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?