Transcript Econ-Supply - Liberty Union High School District

WARM UP
•WHAT DO YOU THINK SUPPLY
MEANS?
•HOW DOES DEMAND CONNECT TO
SUPPLY?
HOMEWORK: 2 PARAGRAPH STORY
• IMAGINE THAT YOU ARE A FACTORY OWNER…YOU CAN PRODUCE ANY LEGAL PRODUCT YOU WANT
• WRITE A SHORT STORY THAT DESCRIBES WHAT YOU WOULD DO IN RESPONSE TO THE PRICE OF THE
PRODUCT RISING
• FOCUS ON HOW YOU WOULD RESPOND TO THE RISE IN PRICE BY INCREASING, DECREASING, OR KEEPING
THE SUPPLY OF THE PRODUCT THE SAME
• EXPLAIN WHY YOU MADE THIS DECISION, HOW THE LAWS OF SUPPLY AND DEMAND ARE BEING SHOWN,
AND HOW THE RAISE IN PRICING OF THE PRODUCT THAT YOU ARE SELLING IMPACTED YOUR BUSINESS
PLAN
LEARNING OBJECTIVES
•ANALYZE HOW SUPPLY IMPACTS ECONOMICS
•BUILD CONNECTIONS BETWEEN DEMAND AND
SUPPLY
•ENGAGE IN CREATIVE EXPRESSION
SUPPLY VOCABULARY
•SUPPLY: THE AMOUNT OF GOODS AVAILABLE
•LAW OF SUPPLY: IF THE PRICE OF A GOOD RISES, THE
PRODUCER OF THE GOOD WILL INCREASE THE SUPPLY OF THE
GOOD
•VARIABLES: THINGS THAT CAN CHANGE
CHECK FOR UNDERSTANDING
• WHAT IS DEMAND?
• HOW DOES DEMAND IMPACT PRICING?
• HOW DOES DEMAND IMPACT SUPPLY? HOW DOES SUPPLY IMPACT DEMAND?
• WHAT VARIABLES CAN YOU THINK OF THAT WOULD IMPACT SUPPLY?
• WHAT IS THE DIFFERENCE BETWEEN THE LAW OF SUPPLY AND THE LAW OF DEMAND?
• CAN YOU THINK OF A TIME WHEN IT WOULD NOT BE WISE FOR THE PRODUCER OF A PRODUCT TO FOLLOW
THE LAW OF SUPPLY?
BLOOD DIAMOND
• HTTPS://WWW.YOUTUBE.COM/WATCH?V=5M2LQPHTJXY
• IS THE LAW OF SUPPLY BEING SHOWN IN THIS CLIP? WHY OR WHY NOT?
• WHAT DOES THIS TELL YOU ABOUT THE SUPPLY CHOICES A PRODUCER CAN MAKE WHEN THE PRICE OF
THEIR PRODUCT INCREASES?
• WHAT ARE THE VARIABLES THAT ARE INCLUDED IN THE SUPPLY AND DEMAND FOR BLOOD DIAMONDS?
• HOW ARE ETHICAL QUESTIONS RAISED IN THIS SCENE PERTAINING TO THE SUPPLY AND DEMAND OF
BLOOD DIAMONDS?
INDIANA JONES: SUPPLY AND DEMAND
• HTTPS://WWW.YOUTUBE.COM/WATCH?V=RP0J3LNLAZS
• IN THE SCENE WHERE INDIANA JONES WAS SELLING THE DIAMOND TO THE BUYER, WAS THE LAW OF SUPPLY
SHOWN? WHY OR WHY NOT?
• DO YOU THINK THAT INDIANA JONES WAS DOING THE RIGHT THING BY INCREASING THE PRICE? WHY OR WHY
NOT?
• IN THE PET SNAKES EXAMPLE, WHAT IS HE SAYING ABOUT WHAT HAPPENS TO THE PRICE OF A GOOD WHEN THE
SUPPLY INCREASES? WHAT IS THIS SAYING ABOUT HOW DEMAND IS IMPACTED BY PRICING?
• WHAT IS THE DIFFERENCE BETWEEN THE SUPPLY CURVE AND THE DEMAND CURVE?
• HOW IS A SHORTAGE AND A SURPLUS CREATED?
• WHAT IS EQUILIBRIUM IN SUPPLY AND DEMAND?
CHIPS VS. CANDY: SIMULATING SUPPLY
AND DEMAND
• EACH CONSUMER HAS $10.00
• ONE PRODUCER IS SELLING CHIPS AND THEY HAVE 20 BAGS
• ONE PRODUCER IS SELLING CANDY AND THEY HAVE 20 PIECES
• EACH PRODUCER WILL SET THEIR OWN PRICES FOR THE PRODUCT THEY ARE SELLING
BASED ON THE DEMAND FOR THE PRODUCT
ANALYZING THE SIMULATION
• HOW DID THIS SIMULATION SIMULATE THE IMPACT OF DEMAND IN ECONOMICS?
• WHAT DID THIS SIMULATION SHOW ABOUT THE IMPACT OF SUPPLY IN
ECONOMICS?
• WHAT DOES THIS SIMULATION SHOW ABOUT HOW ETHICAL QUESTIONS ARE
BROUGHT INTO ECONOMICS?
• WHAT OTHER FACTORS NEED TO BE CONSIDERED IN THIS SIMULATION?
CREATIVE EXPRESSION
• SHOW THE LAW OF SUPPLY THROUGH IMAGERY
• DRAW AT LEAST 5 IMAGES
• WRITE 1-2 SENTENCES ON HOW YOUR IMAGES DEMONSTRATE THE LAW OF
SUPPLY
• HINTS:
• CONSUMER TRENDS, SYMBOLS, ENTERTAINMENT, POPULAR CULTURE, PEOPLE
EXIT TICKET
•WHAT IS SUPPLY?
•WHAT IS THE LAW OF
SUPPLY?
WARM UP
•IDENTIFY ONE VARIABLE THAT IMPACTS
THE SUPPLY OF A PRODUCT AND EXPLAIN
HOW THIS VARIABLE IMPACTS SUPPLY
HOMEWORK: 2 PARAGRAPH STORY
• IMAGINE THAT YOU ARE A FACTORY OWNER…YOU CAN PRODUCE ANY LEGAL PRODUCT YOU WANT
• WRITE A SHORT STORY THAT DESCRIBES WHAT YOU WOULD DO IN RESPONSE TO THE PRICE OF THE
PRODUCT RISING
• FOCUS ON HOW YOU WOULD RESPOND TO THE RISE IN PRICE BY INCREASING, DECREASING, OR KEEPING
THE SUPPLY OF THE PRODUCT THE SAME
• EXPLAIN WHY YOU MADE THIS DECISION, HOW THE LAWS OF SUPPLY AND DEMAND ARE BEING SHOWN,
AND HOW THE RAISE IN PRICING OF THE PRODUCT THAT YOU ARE SELLING IMPACTED YOUR BUSINESS
PLAN
LEARNING OBJECTIVES
•SYNTHESIZE HOW SUPPLY IS IMPACTED BY THE MUSIC,
CLOTHING, AND ENTERTAINMENT INDUSTRIES
•INTERPRET HOW SUPPLY IS IMPACTED BY COSTS OF
PRODUCTION
•ANALYZE INCREASING AND DIMINISHING MARGINAL RETURNS
BRAINSTORMING
•WITH A PARTNER, LIST THREE WAYS THAT
THE LAW OF SUPPLY IMPACTS THE MUSIC,
CLOTHING, AND ENTERTAINMENT
INDUSTRIES
MUSIC, CLOTHING, AND ENTERTAINMENT
• WHAT TYPE OF MUSIC, CLOTHING, OR ENTERTAINMENT TRENDS YOU ARE SEEING
• HOW DO THESE VIDEOS SHOW THE LAW OF SUPPLY IMPACTING THE MUSIC AND CLOTHING INDUSTRIES?
• HOW DOES DEMAND IMPACT SUPPLY WHEN IT COMES TO MUSIC AND CLOTHING?
• HTTPS://WWW.YOUTUBE.COM/WATCH?V=LUID0JSH2IC 1979 (SATURDAY NIGHT FEVER)
• HTTPS://WWW.YOUTUBE.COM/WATCH?V=FTQBINVZQAY 1983 (TOTO, AFRICA)
• HTTPS://WWW.YOUTUBE.COM/WATCH?V=1NCQRMX3DNW 1990 FRESH PRINCE OF BEL AIR
• HTTPS://WWW.YOUTUBE.COM/WATCH?V=DESJKYVDQ9A 2002 (GOOD CHARLOTTE)
• HTTPS://WWW.YOUTUBE.COM/WATCH?V=Y7TI1E6KP0O 2009 (DEADMAU5)
CHECK FOR UNDERSTANDING
• WHAT FORMS OF ENTERTAINMENT DO YOU THINK ARE GOING TO BE
POPULAR WHEN YOU ARE AN ADULT?
• WHAT KINDS OF MUSIC DO YOU THINK ARE GOING BE POPULAR WHEN YOU
ARE AN ADULT
• HOW ARE PEOPLE GOING TO BE DRESSING WHEN YOU ARE AN ADULT?
• HOW IS SUPPLY GOING TO BE IMPACTED BY WHAT IS POPULAR?
TRANSITIONING: COSTS OF PRODUCTION
•HOW IS MCDONALDS ABLE TO SELL A BURGER FOR ABOUT $5.50
WHILE AT DAD’S CAFE, A BURGER COSTS ABOUT $9.00?
•HOW DOES THE SUPPLY OF BURGERS IMPACT PRICING?
•IF YOU BUY A BURGER FROM DAD’S CAFÉ FOR $9.00, IS THEIR PROFIT
$9.00? IF NOT, HOW WOULD YOU GO ABOUT DETERMINING THEIR
PROFIT?
COSTS OF PRODUCTION
• COSTS OF PRODUCTION: THINGS THAT YOU HAVE TO PAY FOR IN ORDER TO MAKE A PRODUCT
• IDENTIFY 3 THINGS THAT MOST PRODUCERS HAVE TO PAY FOR IN ORDER TO MAKE THEIR
PRODUCT
• COMBINE YOUR LIST WITH A PARTNER, AND BETWEEN THE TWO OF YOU, DECIDE UPON WHICH
COST OF PRODUCTION IS THE MOST IMPACTFUL ON THE PRODUCER
• AS A CLASS, WE WILL MAKE A LIST OF THE DIFFERENT COSTS OF PRODUCTION THAT A
PRODUCER MUST CONSIDER AND DECIDE WHICH IS MOST IMPORTANT
CHECK FOR UNDERSTANDING: ONE
SENTENCE ANSWERS
• WHAT PRODUCT ARE YOU PRODUCING FOR YOUR HOMEWORK ASSIGNMENT?
• WHAT ARE GOING TO BE THE COSTS OF PRODUCTION FOR PRODUCING THIS PRODUCT?
• HOW ARE THESE COSTS OF PRODUCTION GOING TO IMPACT THE PRICE THAT YOU WILL BE SELLING YOUR
PRODUCT AT?
• HOW ARE THE COSTS OF PRODUCTION GOING TO IMPACT THE SUPPLY OF YOUR PRODUCT
• HOW IS THE DEMAND FOR YOUR PRODUCT GOING TO IMPACT THE SUPPLY OF YOUR PRODUCT
WARM UP
•WHAT IS A COST OF PRODUCTION?
•IDENTIFY THREE EXAMPLES OF COSTS
OF PRODUCTION
HOMEWORK
•COMPLETE STUDY GUIDE BY FILLING OUT ALL RELEVANT NOTES
AND MATERIAL FOR EACH TERM OR CONCEPT ON THE STUDY
GUIDE
•GO THROUGH QUIZ II AND WRITE DOWN AT LEAST THREE
QUESTIONS THAT YOU HAVE ON THE QUIZ
•BRING QUIZ II TO CLASS ON WEDNESDAY
LEARNING OBJECTIVES
•SYNTHESIZE SUPPLY
•INTERPRET THE DIFFERENCE BETWEEN INCREASING AND
DIMINISHING MARGINAL RETURNS
•ANALYZE HOW SUPPLY CAN RAISE ETHICAL QUESTIONS
LOOKING AHEAD
•TEST ON FRIDAY: ECONOMIC
SYSTEMS, FREE ENTERPRISE,
DEMAND, SUPPLY
HUMAN LABOR: KEY COST OF PRODUCTION
• WHY IS THE USE OF HUMANS AS LABORERS A KEY COST OF PRODUCTION?
• WHAT IS ETHICS? HOW MIGHT THE USE OF HUMAN LABOR RAISE ETHICAL
QUESTIONS?
• IS IT TRUE THAT THE MORE WORKERS YOU HAVE WORKING FOR YOU, THE MORE
PRODUCTS YOU WILL PRODUCE? WHY OR WHY NOT?
• WHAT REAL WORLD EXAMPLES ARE THERE WHEN THE MORE WORKERS THAT YOU
HAVE, THE MORE PRODUCTS YOU WILL BE ABLE TO PRODUCE?
LABOR AND OUTPUT
• MARGINAL (ECONOMIC TERMS): ADDITIONAL
• MARGINAL PRODUCT OF LABOR: CHANGE IN PRODUCTION FROM HIRING/FIRING ONE MORE LABORER
• INCREASING MARGINAL RETURNS: LEVEL OF PRODUCTION IN WHICH THE MORE LABORERS YOU HAVE,
THE MORE PRODUCTS YOU PRODUCE
• DIMINISH: TO LOWER
• DIMINISHING MARGINAL RETURNS: LEVEL OF PRODUCTION IN WHICH THE MORE LABORERS YOU HAVE,
THE LESS PRODUCTS YOU PRODUCE
CHECK FOR UNDERSTANDING
• WHAT IS THE DIFFERENCE BETWEEN A DIMINISHING MARGINAL RETURN
AND AN INCREASING MARGINAL RETURN?
• IN WHAT SITUATION MIGHT A PRODUCER HAVE A DIMINISHING MARGINAL
RETURN?
• WHAT SHOULD A PRODUCER DO IF THEY HAVE A DIMINISHING MARGINAL
RETURN?
• HOW COULD THIS BECOME AN ETHICAL SITUATION?
OFFICE SPACE
• HTTPS://WWW.YOUTUBE.COM/WATCH?V=HNUU9CPDJIO
• DO YOU THINK THE BOSSES WERE BEING ETHICAL? WHY OR WHY NOT?
• IS THIS AN EXAMPLE OF INCREASING OR DIMINISHING MARGINAL RETURNS? WHY?
• HAVE YOU EVER HEARD OF “PEOPLE SKILLS”?
• HOW VALUABLE ARE “PEOPLE SKILLS” IN THE WORKFORCE?
• WHAT OTHER KINDS OF SKILLS ARE VALUABLE IN THE WORKFORCE?
DOWNSIZING DISCUSSION
• DOWNSIZING: PROCESS OF MAKING (A COMPANY OR ORGANIZATION) SMALLER BY FIRING PEOPLE
• WHAT ETHICAL OR FINANCIAL OBLIGATIONS SHOULD EMPLOYERS/OWNERS/BOSSES HAVE FOR THEIR
EMPLOYEES?
• WHAT ARE THE ADVANTAGES OF TREATING YOUR EMPLOYEES WELL AND GIVING THEM JOB SECURITY? CAN
THERE BE DISADVANTAGES OF TREATING YOUR EMPLOYEES WELL AND GIVING THEM JOB SECURITY?
• HOW WOULD YOU FEEL IF YOU WERE THE EMPLOYER AND YOU HAD TO FIRE SOMEBODY? WHAT DOES THIS TELL
YOU ABOUT BEING YOUR OWN BOSS?
• WHEN SOMEONE GETS DOWNSIZED, WHAT CAN THEIR REACTIONS BE LIKE?
UP IN THE AIR: REACTIONS TO
DOWNSIZING
• HTTPS://WWW.YOUTUBE.COM/WATCH?V=FJVYRWDUY0C
• DO YOU THINK THE EMPLOYEE’S REACTIONS ARE JUSTIFIED?
• WHY WOULD SOMEONE TAKE THE JOB THAT GEORGE CLOONEY HAS?
• WHAT DO YOU THINK GEORGE CLOONEY MEANT WHEN HE SAID TO ZACH G. “ANYBODY WHO EVER BUILT
AN EMPIRE OR CHANGED THE WORLD SAT WHERE YOU ARE RIGHT NOW”?
• DO YOU THINK THERE IS LEGITIMACY TO THIS QUOTE OR DO YOU THINK HE WAS JUST TRYING TO MAKE
HIM FEEL BETTER?
EXIT TICKET
•IDENTIFY TWO WAYS IN WHICH ETHICAL
QUESTIONS HAVE BEEN BROUGHT UP IN
SUPPLY AND DEMAND
WARM UP
•WRITE DOWN THREE QUESTIONS
THAT YOU HAVE ABOUT THE
CONTENT OF THE TEST
HOMEWORK
•COMPLETE STUDY GUIDE BY FILLING OUT ALL RELEVANT NOTES AND
MATERIAL FOR EACH TERM OR CONCEPT ON THE STUDY GUIDE
•GO THROUGH QUIZ II AND WRITE DOWN AT LEAST THREE
QUESTIONS THAT YOU HAVE ON THE QUIZ
•BRING QUIZ II TO CLASS ON WEDNESDAY
LEARNING OBJECTIVES
•SYNTHESIZE ECONOMIC SYSTEMS, FREE
ENTERPRISE, DEMAND, AND SUPPLY
•ENHANCE STUDYING SKILLS
•ENGAGE IN COLLABORATIVE LEARNING
SWITCH WARM UPS WITH A PARTNER
•HAVE YOUR PARTNER ANSWER YOUR WARM UP
QUESTIONS
•CHECK YOUR PARTNER’S ANSWERS
•ASK ANY QUESTIONS THAT YOU MIGHT HAVE
QUIZ II REVIEW
•WHAT QUESTIONS DID YOU
WRITE DOWN FOR HOMEWORK
ABOUT THE CONTENT OF QUIZ II?
KAHOOT
• THIS IS ONE TIME THAT YOU WILL BE ALLOWED TO USE YOUR CELL PHONES
• LOGIN TO KAHOOT. IT
• ENTER YOUR NAME
• PLUG IN THE PIN CODE THAT I WILL SHOW YOU
• WINNER= 10 POINTS EXTRA CREDIT ON QUIZ
• 2ND PLACE= 7 POINTS EXTRA CREDIT
• 3RD PLACE= 5 POINTS EXTRA CREDIT
JEOPARDY
• YOUR GROUP WILL PICK A QUESTION FROM ONE OF THE DIFFERENT CATEGORIES AND THEN PICK HOW
MANY POINTS YOU WANT TO GO FOR IN THAT CATEGORY
• IF YOUR GROUP GETS THE QUESTION WRONG, IT GOES TO THE NEXT GROUP
• REMINDER: IF YOU COMPLAIN, DON’T PAY ATTENTION WHILE OTHER GROUPS ARE GOING, OR BREAK ANY
OTHER CLASS NORMS, YOUR GROUP WILL LOSE POINTS. IF YOUR GROUP ENDS UP IN THE NEGATIVE,
EVERYONE IN THE GROUP LOSES 3 POINTS
TEST II REVIEW SHEET
•FILL OUT THE TEST II
REVIEW SHEET
WARM UP
•GET READY TO TAKE TEST-EVERYTHING OFF
DESK
•HAVE WARM UPS READY FOR ME TO CHECK
LEARNING OBJECTIVES
•ENHANCE TEST-TAKING SKILLS
•SYNTHESIZE ECONOMIC SYSTEMS, FREE ENTERPRISE,
DEMAND, AND SUPPLY
•INTERPRET/ANALYZE COMMUNITY SERVICE PROGRESS
TAKE TEST
COMMUNITY SERVICE UPDATE
• 1 PARAGRAPH WRITING ASSIGNMENT:
-WHAT ARE YOU DOING FOR COMMUNITY SERVICE?
-WHY DID YOU CHOSE THIS COMMUNITY SERVICE?
-WHO IS YOUR SUPERVISOR?
-HOW MANY HOURS HAVE YOU COMPLETED?
-CAN YOU MAKE ANY CONNECTIONS BETWEEN WHAT WE LEARN IN ECONOMICS TO YOUR COMMUNITY SERVICE?
-HOW DO YOU THINK YOU WILL REMEMBER YOUR COMMUNITY SERVICE EXPERIENCE IN 20 YEARS FROM NOW?
PRESENT YOUR COMMUNITY SERVICE
PARAGRAPHS
•REMEMBER GOOD PUBLIC
SPEAKING SKILLS!!!