Unit 2 Assessment Review

We will be using Cornell Note Taking Format Today! Relax and enjoy the ride in Econ. Class! Don’t be a victim….. Own the day!

Unit Two: Learning Objectives: North Clackamas School District Social Studies Priority Standards: HS.51 (A): Explain how supply and demand represents economic activity and describe the factors that cause them to shift.

Go directly to your whiteboards. Do not pass go. Do not collect $200!:

Top Ten Demand Challenge Go to Your Whiteboards Your mission is to match my top ten list in the following category: Top Ten IN DEMAND Baskin and Robbins Ice cream Flavors for 2015 : 1.Vanilla 2.Chocolate Chip 3.Chocolate 4.Rocky Road 5.Cookies and Cream 6.Pralines and Cream 7.Rainbow Sherbet 8.Quarterback Crunch 9.Mint Chocolate Chip 10.Bubble Gum *

Economics Mr. Kirby: “Was it “Mouse Trap” and “T-I-G-E-R?” “Price goes down… Demand goes sideways?” I should have taken Cornell Notes Everyday! ECON, ECON!!!

Unit Two Assessment: Economic Concepts to be covered:  Law of Demand and Law of Supply.  Explanations and examples of “D” vs. “QD” and “S” vs. “QS.”  Detailed definition and examples on “Elastic” and “Inelastic” supply and demand.  Determinants of Demand (T-I-M-E-R) with DETAILED definition, explanation and examples of each shifter.  Determinants of Supply (R-A-T-N-E-S-T) with DETAILED definition, explanation and examples of each shifter..  “Price Floor,” “Price Ceiling”, “Equilibrium” and “Diminishing Marginal Utility (Define and give a detailed example of each).  Know how to create a demand/supply schedule and convert into a demand/supply curve.  25 Multiple choice questions/problems: Review ALL in class practice problems if you have doubts in your mind (D,QD,S, QS)

LAW OF DEMAND AND SUPPLY: FOUR BASIC RULES:  “Law of Demand” and “Law of Supply”  Price goes up-QD goes down  Price goes down-QD-goes up  Price Goes up-QS goes up  Price goes down-QS goes down Group Challenge (Use your Whiteboards) THE FOLLOWING CHALLENGE QUESTIONS ARE BASED ON: HOW SUPPLY AND DEMAND EFFECT PRICE? GENERAL FOUR RULES HERE-AND THIS IS WHY IT WILL GET MORE CONFUSING IF YOU TAKE A COLLEGE ECON CLASS. There will be a few of these on the final.  DEMAND GOES UP-PRICE GOES UP (Q-UP)  DEMAND GOES DOWN-PRICE GOES DOWN (Q-Down)  SUPPLY GOES UP-PRICE GOES DOWN (SURPLUS) (Q-UP)  SUPPLY GOES DOWN-PRICE GOES UP (SHORTAGE) (Q-Down)

(A) (B) (C) (D) D1D1D1D1 S S S1S1S1S1 S1S1S1S1 DD RATNEST P P PP

Economics Mr. Kirby: “Was it “Mouse Trap” and “Typing?” “Price goes down… Demand goes sideways?” I should have taken Cornell Notes Everyday! ECON, ECON!

$1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 Welcome to Economics Review Unit 2: Who Wants to be a Millionaire 50:50

How many legs does this elephant have?

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If one of the hearts turns blue, U will score at least a “B” on the next test. Now keep staring, if U only see one blue and the others go away U will get an “A”. OK, that last statement may not be true!

SUPPLY AND DEMAND PARTNER PRACTICE: Unit 2 Partner Supply and Demand Review Assignment: Unit 2 Partner Supply and Demand Review Assignment: (Final Exit Ticket for Unit 2).  BE SURE TO TURN IN EXIT TICKET TODAY IN THE BOX!

Unit Two Assessment Today!   Clear off your desks.   You can use the a 3”x5” notecard for help on the test.   Write detailed answers with specific examples on the essay questions to get full points.   More is better-show me what you know/learned in this long unit.

“The Wheat Game” Trade Simulation After you have finished with the test:  Make sure All “Exit Tickets” are completed for this unit and turned into the box. Pick up a: Commodities Trading: What You Need to Know Handout YOU MUST COMPLETE THIS TO PARTICIPATE IN THE TRADE SIMULATION NEXT CLASS!

TheWheat Game [Next Class-Who will be the top traders?!] Extra Credit Points for Top Buyers and Sellers