Do Now: Watch Bill Cosby Economics 101 video.

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Presentation transcript:

Do Now: Watch Bill Cosby Economics 101 video. Learning Target: I can analyze visual information to determine the concept of supply and demand. Do Now: Watch Bill Cosby Economics 101 video.

Economics 101 Economics- relating to the process or system by which goods and services are produced, sold, and bought. Capitalism-an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. The United States follows capitalism, the government does not control businesses Video: Cosby Economics 101

How much would you pay for… A bottle of water? Unlimited supply of primary source documents from class? Front row tickets to a Justin Beiber/One Direction concert? A Lebron James Jersey signed?

Signed picture of me?

Supply and Demand Supply-The total amount of a good or service available for purchase. Demand- The willingness and ability of the people within a market area to purchase particular amounts of goods or services. The Law of Supply and Demand-The price of an item will go down if the supply increases or if the demand for the item decreases. The price of an item will go up if the supply decreases or if the demand for the item increases.

Supply and Demand

Supply and Demand Hudsucker Proxy Video www.youtube.com/watch?v=Ng3XHPdexNM How would you explain the concept of supply and demand using the hula hoop example in Hudsucker Proxy?

Silly Bandz Video Task: Watch the video on Silly Bandz and with your group answer the following questions. Why are the Silly Bandz company making a huge profit with their product? What information is being communicated to the business owner by the $5 price of Silly Bandz? What can the business owner do to ensure that the Silly Bandz are distributed to those consumers, which value them the most? Silly Bandz Videos http://abcnews.go.com/Nightline/video/silly-bandz-latest-fad-11686769

Silly Bandz Video Why is Silly Bandz a great success?

Essential Question How does supply and demand affect the cost of items we want to purchase?

Resources http://www.thirteen.org/edonline/lessons/supply_and_demand/b.html http://abcnews.go.com/Nightline/video/silly-bandz-latest-fad-11686769 http://usatoday30.usatoday.com/money/smallbusiness/2010-07-01-sillybandz01_CV_N.htm http://www.econedlink.org/lessons/index.php?lid=961&type=afterschool http://www.econedlink.org/lessons/index.php?lid=961&type=student