ECONOMICS
MONDAY
DAY 2
READING: pgs. 97-107
CLASS: elasticity of demand
ACT: DEMAND WS #2 & 3
WEEK OF 3-3-14
3/3
CLASS OBJECTIVES:
1) APPLY THE DETERMINANTS OF
DEMAND TO DEMAND SHIFTS WITH REAL
WORLD EXAMPLES
2) EXPLAIN THE IMPACT OF PRICE
ELASTICITY ON DEMAND IN MARKETS
3) DESCRIBE THE RELATIONSHIP
BETWEEN ELASTICITY AND REVENUE.
VOCAB:
Elasticity of demand
Total revenue
Elastic
Inelastic
Unitary elastic
Substitutes
Necessities
Luxuries
PRACTICE: CH.4 REVIEW SHEET
WEDNESSDAY
3/5
DAY 2
READING: pgs. 108 - 122
CLASS: supply and production
Notes: supply & costs
ACT: SUPPLY APPLICATION WS &
DIMINISHING MARGINAL RETURNS
CLASS OBJECTIVES:
2) IDENTIFY THE LAW OF SUPPLY
AND ITS IMPLICATIONS IN THE
MARKET.
3) ILLUSTRATE AND EXPLAIN THE
SUPPLY SCHEDULES AND SUPPLY
CURVES.
4) DEMONSTRATE UNDERSTANDING
THE IMPACT OF PRODUCTION COSTS
AND SUPPLY CHANGES
VOCAB:
Supply
Law of supply
marginal revenue
Supply schedule
avg. cost
Supply curve
operating cost
Elasticity of supply
subsidy
Production costs
regulation
Fixed costs
short run
Variable costs
long run
Total costs
Marginal costs
PRACTICE: SUPPLY WS #2 & CH.5
REVIEW SHEET
FRIDAY
3/7
DAY 2
READING: pgs. 108 - 122
CLASS: supply and production
Notes: DETERMINANTS OF SHIFTS IN
SUPPLY
ACT: SUPPLY WS #2 & DEMINISHING
MARGINAL RETURN
CLASS OBJECTIVES:
2) IDENTIFY THE LAW OF SUPPLY AND
ITS IMPLICATIONS IN THE MARKET.
3) ILLUSTRATE AND EXPLAIN THE
SUPPLY SCHEDULES AND SUPPLY
CURVES.
4) UNDERSTAND THE IMPACT OF
PRODUCTION COSTS AND SUPPLY
CHANGES
5) DESCRIBERELATIONSHIP BETWEEN
ELASTICITY AND PRODUCTION IN
SHORT RUN AND LONG RUN.
VOCAB:
Supply
Law of supply
marginal revenue
Supply schedule
avg. cost
Supply curve
operating cost
Elasticity of supply
subsidy
Production costs
regulation
Fixed costs
short run
Variable costs
long run
Total costs
Marginal costs
PRACTICE: SUPPLY APPLICATION
WS