Transcript Econ-Supply - Liberty Union High School District

Supply
Warm Up
Write
down three
questions that you
have for the quiz
Homework: Complete Study Guide
Write
out all notes and
relevant material for
everything on the study
guide
Learning Objectives
Synthesize
material from
Free Enterprise-Demand
Enhance studying skills
Engage in Collaborative
Learning
Pair-Share Warm Ups
Switch
Warm Ups with a
partner
Have your partner answer
your questions
Ask any questions that you
might have
Kahoot.IT
 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
Charades
-One group member will act out a word
-The group member can’t talk or draw
-The group has 30 seconds to guess the
word on the card
-Points will be taken away if a group
complains
Family Feud: 5 Minutes
5
Groups: Each group is a “family”
 I will give each family 3 topics
 Each family member has to write down one
word that they would associate with each
topic
 After each family member has contributed a
word, each family will make a list of the
words they associate with each of the topics
Family Feud-Speed Round

After each family has a list written out for each topic, then
they will say their topic to the other families

The other families have 30 seconds for each family member to
contribute a word before the family shows its list

Each family member’s word will be written down on a
whiteboard to show the family’s list for the topic

All the families will go at the same time

Be careful not to let the other families hear what your group is
thinking and make sure you write down your answer
Warm Up
Prepare
to take quiz:
everything off your desks
Put Warm Ups under desk
and have them ready for
me to check
Homework
Write
out all notes and
relevant material for
everything on the
study guide
Learning Objectives
Enhance
quiz-taking skills
Practice public speaking
Engage in collaborative
learning
Take Quiz
Quiz:
Free Enterprise- Demand
Share your Community Service Project
with the Class
 Prep
time: 5 minutes
 Remember
a. Be
good Public Speaking skills:
engaging
b. Make
eye contact with the audience
c. Pace
yourself: Don’t go too fast or too slow
d. Be
mindful of your body movements
e. STAY
CHILL
Granola Bars vs. Candy: Simulating
Supply and Demand

Each consumer has $10.00

One producer is selling Granola Bars and they have 15 bars

One producer is selling Candy and they have 50 pieces

Each producer will set their own prices for the product they are selling based
on the Demand for the product

You have to keep track of how many products are sold at each price because
after selling the goods, everyone will create an Individual and Market Demand
Schedule for each product

HINT: Market Demand Schedule for this simulation=Brentwood/Disco Bay

Population of Brentwood/Disco Bay: circa 75,000
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?

Based on the first two answers, what do you think the laws of Supply
and Demand are?

What does this simulation show about how ethical questions are
brought into economics?

How are Individual and Market Demand Schedules helpful for
producers?

What other factors need to be considered in this simulation?
Warm Up
Identify
one thing that our
simulation of Granola Bars
vs. Candy showed us about
Supply and Demand. Explain
in one sentence how the
simulation showed us this
Homework: Write a Creative Short Story
(1-2 pages)

Imagine that you are a factory owner…you can produce any legal
product you want

Write a short story (1-2 pages) that describes what you would do in
response to the price of the product rising rapidly

Thesis should focus on how you would respond to the rise in price by
increasing, decreasing, or keeping the supply of the product the same

Your body paragraph(s) should 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

Be sure to include Introduction, Conclusion, and body paragraphs
Learning Objectives
Interpret
Supply Vocabulary
Analyze case studies that
demonstrate the Law of Supply
Engage in Creative Expression
Supply Vocabulary

Supply: The amount of goods available

Law of Supply: Producers of a good will increase
the supply of a good if the price of the good rises

Supply Schedule: The relationship between price
and quantity supplied for a specific good

Variables: Factors that can change

Market Supply Schedule: A chart that lists how
much of a good all suppliers will offer at different
prices
Check for Understanding
 How
does the demand for a good impact
the supply of a good?
 How
does the supply for a good impact the
demand of a good?
 Can
you think of a product whose supply
increased due to the demand increasing?
 What
variables do you think play a role in
determining the supply of a good?
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
Explained

https://www.youtube.com/watch?v=RP0j3Lnlazs
1.
In the scene where Indiana Jones was selling the diamond to the buyer, was
the Law of Supply shown? Why or why not?
2.
Do you think that Indiana Jones was doing the right thing by increasing the
price? Why or why not?
3.
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?
4.
What is the difference between the Supply Curve and the Demand Curve?
5.
How is a Shortage and a Surplus created?
6.
What is equilibrium in Supply and Demand?
Journal 6: Blockbuster stresses Buying
over Renting

What is the new business strategy for Blockbuster and how
does this demonstrate the Law of Supply?

Who became the new competitors for Blockbuster and
how did these new competitors create problems for
Blockbuster?

What does this article say about the importance for
businesses/companies to focus on consumer and
technological trends?

In 2004, Blockbuster had about 9,000 stores. In 2016,
they have 11 stores. What did Blockbuster do wrong and
what would yoi have done differently if you were the
Music, Clothing, and Entertainment
Industries

While watching the videos from the 70’s, 80’s, 90’s and modern day, jot down
some notes about 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)
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
businesses or
companies do your predict
will be out of business in 20
years from now? Why do you
think this?
Warm Up
Identify
three factors
that impact the Supply of
a product and explain in
one sentence how each
impacts supply
Homework: Write a Creative Short Story
(1-2 Pages)

Imagine that you are a factory owner…you can produce any legal
product you want

Write a short story (1-2 pages) that describes what you would do in
response to the price of the product rising rapidly

Thesis should focus on how you would respond to the rise in price by
increasing, decreasing, or keeping the supply of the product the same

Your body paragraph(s) should 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

Be sure to include Introduction, Conclusion, and body paragraphs
Learning Objectives
Retaining Material

What does it mean for something to be elastic?

What does it mean for something to be inelastic?

How does elasticity impact demand?

How would this impact the supply of a product?

What is an Individual Demand Schedule?

What is a Market Demand Schedule?

What do you think is an Individual and Market
Supply Schedule?
Elasticity of Supply-Check for
Understanding

Elasticity of Supply: A measure of the way
quantity supplied reacts to a change in price

How is this different from Elasticity of Demand?

If supply is elastic, will there be a small or big
reaction to an increase in price?

If supply is inelastic, will there be a small or big
reaction to an increase in price?
Create a Market and Individual Supply
Schedule

Based on the product that you are selling for
homework, create an Individual Supply Schedule
and a Market Supply Schedule

Your Market Supply Schedule is 1000x bigger than
your Individual Supply Schedule

Under your schedules, explain how these charts
help you (the factory owner) to make decisions
about how to price your product in order to
maximize your profits (2-3 sentences)
Individual and Supply Curves

Individual Supply Curve: Graph that shows the
quantity of the product sold at different prices
for individual suppliers

Market Supply Curve: Graph that shows the
quantity of the product sold at different prices
for all suppliers in the market

Create an Individual and Market Supply Curve on
the back of your paper for your product, based on
your Individual and Market Supply Schedule that
you wrote out
Individual and Market Supply Curves in
the Textbook (pg. 105)
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 McDonalds know how much food to
produce each day?

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

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
Costs of Production: Labor and Output




Marginal (Economic Terms): Additional
Marginal Product of Labor: Change in output from
hiring one more laborer
Increasing Marginal Returns: Level of production
which the marginal product of labor increases as
number of laborers increases
Diminishing Marginal Returns: Level of production in
which the marginal product of labor decreases as the
number of workers increases
Check for Understanding

Why would a Diminishing Marginal Return occur?

What real life examples can you think of times
when an Increasing Marginal Return occurred?

What real life examples can you think of times
when a Diminishing Marginal Return occurred?

If a producer has a Diminishing Marginal Return,
what should the producer do?

How does this become an ethical problem?
Office Space

https://www.youtube.com/watch?v=hNuu9CpdjIo

Do you think the bosses were being ethical? Why or why
not?

Do you think that there is such a thing as “people skills”?
Why or why not?

How valuable are “people skills” in the workforce?

Is this an example of Increasing or Diminishing Marginal
Returns? Why?
Downsizing Discussion





Downsizing: Process of making (a company or organization)
smaller by eliminating staff positions.
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: People’s reactions to
getting fired

https://www.youtube.com/watch?v=fjVyrWdUy0c
1.
Do you think the employee’s reactions are justified?
2.
Why would someone take the job that George Clooney
has?
3.
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”?
4.
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