Supply Graph Review and Practice

Friday February 25, 2011 – Periods 1, 5, 7

We began class with a review on demand and supply graphs and determinants.

We spent the remainder of class working on graphing supply, changes in quantity supplied, and changes in supply.

Chapter 5 Supply

Wednesday February 23, 2011 – Periods 1, 5, 7
Monday February 28, 2011 – Period 2

We practiced graphing demand, changes in quantity demanded, and changes in demand.

Supply is defined as the quantities of output that producers will bring to market at each and every price. Supply can be presented in the form of a supply schedule, or graphically as a supply curve. The Law of Supply states that more output will be offered for sale at higher prices and less at lower prices. A change in quantity supplied is represented by a movement along the supply curve, whereas a change in supply is represented by a shift of the supply curve to the left or right. Changes in supply are caused by changes in the cost of inputs, productivity, technology, taxes, subsidies, expectations, government regulations, and the number of sellers in the market.

Supply video  Supply video

Demand Graph Review and Practice

Thursday February 17, 2011 – Periods 1, 5, 7
Tuesday February 22, 2011 – Period 2

Today we took a chapter 2-3 quiz covering the PPF and economic systems.

We spent the remainder of class working on graphing demand, changes in quantity demanded, and changes in demand.

Changes in Demand video  Changes in Demand video

Chapter 5 Demand

Tuesday February 15, 2011 – Periods 1, 5, 7
Wednesday February 16, 2011 – Period 2

Demand is the amount of goods and services that consumers are willing and able to buy at various prices. The law of demand states that as price goes up, the quantity demanded goes down, and vice versa. Real income, possible substitutes, and diminishing marginal utility help explain the inverse relationship between price and quantity demanded. Quantity demanded is based on price. Demand, however, is affected by several factors, called the determinants of demand: changes in population, changes in income, changes in tastes and preferences, substitutes, and complementary goods. A demand curve is the graph that shows the relationship between the price of an item and the quantity demanded. A change in demand for a particular item shifts the entire demand curve to the left or right.

Demand video  Demand video

Period 2 Converging Economies

Monday Fenruary 14, 2011 – Period 2

Today we reviewed the circular flow using our experiences from the “Earn a Living” activity.

We look at converging economies and examined how China transitioned from a command to a market system. We watch a video produced during China’s early years in the transition process.

The Chapter 3 Notebook check was conducted at the end of the period. WHile notebooks were checked, the class worked on the Chapters 2-3 Review worksheet. There will be a quiz on Wednesday.

Converging Economies – China’s Transition

Friday February 11, 2011 (forecasting) – Periods 1, 5, 7

Today the counselors completed the forecasting process.

We spent the remaining time on completing the Andersonville economy worksheet. We  quickly reviewed on how a command and market system could exist in the prison camp. Then we read a short description on some of the actual economic conditions that took place in Andersonville.

We ended class with a look at converging economies and examined how China transitioned from a command to a market system. We watch a video produced during China’s early years in the transition process.

Economic Systems

Wednesday February 9, 2011 – Periods 1, 5, 7
Thursday February 10, 2011 (forecasting) – Period 2

Today the counselors completed the forecasting process.

We spent the remaining time on establishing a command economy and market economy in Andersonville to produce goods and services.