ECONOMICS
Leverington
Unit 3: Demand & Supply
02/03
Primary Objective:
Describe how markets function and the forces that impact supply and demand.
a. law of supply and demand
b. how a market price is determined, equilibrium
c. how price ceilings and floors cause shortages or surpluses
Schedule:
Vocabulary Words:
1. elasticity
02/03: Introducing Demand
02/04: Notes, Due: Ch4 Se1, 1-3 & 5-6
02/05: Elasticity of Demand Due: Chap 4, Sec 3, 1-4 & 7
02/06: The Law of Supply, Due: Chap 5, Sec 1, 1-5
02/07: A market in wheat… Due: Marketplace
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2.
market price
3.
equilibrium
4.
changes in supply
and demand
5.
price ceilings
6.
price floors
02/10: Where do prices come from?
7.
shortages
02/11: Price Ceilings and Price Floors
8.
surpluses
02/12: Cost – Due: Chap 6, Sec 2, 1-4, 7
9.
monopolistic
02/13: Overview of mr=mc
behavior
02/14: something will happen….
10. competitive
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behavior
02/18: The Role of Prices Due: Chap 6, Section 3, 1-5
11. fixed cost
02/19: Test Review
12. variable cost
02/20: Supply and Demand Test
13. marginal
“The same principle leads
to the conclusion, that the
encouragement of mere
consumption is no benefit
to commerce; for the
difficulty lies in supplying
the means, not in
stimulating the desire of
consumption; and we have
seen that production
alone, furnishes those
means. Thus, it is the aim of
good government to
stimulate production, of
bad government to
encourage consumption.”
-Jean Baptiste Say
Jean Baptiste Say