Pricing

Brainstorming/Retaining Material What is Equilibrium? Why is it important for producers to find Equilibrium Why is it important for consumers to find Equilibrium? How do you think you would calculate Equilibrium What do you think Disequilibrium is?

Equilibrium and Disequilibrium Equilibrium: The point of balance between price and quantity Disequilibrium: When something is supplied but not bought at a certain price or quantity Excess Demand: When quantity demand is more than quantity supplied Excess Supply: When quantity supplied is more than quantity demanded How do you think Excess Demand and Supply impacts pricing?

Calculating Equilibrium

Equilibrium Experiment: Who can make the most money I need three volunteers to be chip producers Each producer will have 30 bags of chips Each producer will decide the price of their chips at the beginning of each round Each consumer will have $10 Each consumer can only buy 1 bag of chips per round We will be keeping track of how many chips were bought at each price for each producer

Analyzing the experiment Who made the most money and how did they make the most money? What does this tell you about the importance of pricing in Economics? Why is it essential for businesses to find Equilibrium? What factors do you think could impact a businesses’ Equilibrium?

Group-Project: Review for Econ. Final Review the handout that describes the group project that everyone will be doing to review for the Economics Final

How do you determine Equilibrium? Warm Up What is Equilibrium? How do you determine Equilibrium?

Homework-Project Presentation Create a presentation on one of the topics of the subject that your group has been assigned Your Presentation needs to have some sort of visual/auditory component to it-(poster, song, chart, graph, diorama Prep a script for your presentation and make sure your rehearse it Presentations will be Monday- Dec. 12th

Econ. Final in 2 Weeks: Start studying today!!! Looking Ahead Econ. Final in 2 Weeks: Start studying today!!!

Learning Objectives Analyze how the government intervenes in pricing Interpret the impact of Rent Control on San Francisco Collaborate with classmates to find solutions to pricing problems

10 Minutes to Meet with Groups Figure out which topic each person is doing Start thinking about how you want to run your presentations Plan time when your group might want to meet outside of class to prepare your presentations

Government Intervention in Pricing Is it good when governments intervene in the economy? Why or why not? Is it bad when governments intervene in the economy? Why or why not? What examples have we looked at of different forms of government intervention in the economy?

Government Intervention in Pricing Price Ceiling: A maximum price that can be legally charged for a good/service Price Floor: A minimum price for a good/service Rent Control: A Price Ceiling placed on rent

Check For Understanding Who benefits from a Price Ceiling- consumers or producers? Why do you think this? Who benefits from a Price Floor- consumers or producers? Why do you think this? Have you ever been impacted by a Price Floor? If so, how you were impacted? What does this tell you about why the government intervenes in pricing? Why would the government enforce Rent Control? Which population demographic do you think Rent Control helps the most?

Best Example of a Price Floor: Minimum Wage What factors do you think impact Minimum Wage? What is the graph showing about Minimum Wages in the future? How do you think this is going to impact Cali’s economy?

Journal 7: Rent Control in San Francisco Read the article about Rent Control in San Francisco and answer the questions that follow

You Create the Solution: Rent Control in San Francisco In 2-3 sentences, describe the Rent Control problem in San Francisco Create an outline (bullet-point list) of a plan to solve the problem of Rent Control in San Francisco List must have at least 10 bullets Create a visual/graphic under your list that illustrates the problem and the plan to fix the problem

Group Work Form groups of 4-5 people Share your plans with each other Create a new bulleted list that encompasses ideas from everyone’s plan Make sure the new list has at least 15 bullets Everyone in the group should be prepared to present the plan so be sure to REHEARSE your plan with your group before presenting Remember good Public Speaking Skills while you are presenting your plan

Check For Understanding What is good about Rent Control? What is bad about Rent Control? How is Rent Control an example of government intervention in the economy? Do you think the government needs to interfere more or less with the economy?

Exit Ticket How can government intervention be good or bad for the economy. Identify three pros and three cons of government intervention

How does Supply and Demand impact pricing? Warm Up How does Supply and Demand impact pricing?

Homework: Project Presentation Create a presentation on one of the topics of the subject that your group has been assigned Your Presentation needs to have some sort of visual/auditory component to it-(poster, song, chart, graph, diorama Prep a script for your presentation and make sure your rehearse it Presentations will be Monday- Dec. 12th

Looking Ahead Econ. Final in 2 weeks Start Studying Today

Learning Objectives Analyze Surplus and Shortage Interpret Factors that impact pricing Engage in Collaborative Learning

Retaining Information What is an Equilibrium? What role do Supply and Demand play in finding Equilibrium? What is a surplus and how do you get a surplus? What is a shortage and how do you get a shortage?

Surplus and Shortage Surplus: Quantity supplied is greater than quantity demanded Shortage: Quantity demanded is greater than quantity supplied

Check for Understanding How is a Shortage of a product going to impact the price of the product? How is a Surplus of a product going to impact the price of the product? What vocabulary term have we recently learned which is the same thing as a shortage?

Brainstorming Think of 3 goods/services that have changed price within the last year Think of 3 good/services that have rapidly changed price since WW2 What factors are impacting the changes in price of these goods/services? Why is the price of the good/services changing?

Factors that impact price change Search Costs: The financial and opportunity costs consumers pay in searching for a good/service Surplus Shortage Changes to Equilibrium a. Changing Technology b. Changing Consumer Trends c. More/less Competition d. Rise/Decline in Supply of the good/service e. Rise/Decline in Demand of the good/service

Check for Understanding How would Search Costs impact the pricing of a good/service? Which of these factors do you think will be most impactful on changing the price of a product? Rank them from most important to least important

Create a Skit on Price Changes as a result of Supply and Demand In Groups of 4-5 people, create a skit that demonstrates how Supply and Demand impact price changes of a good/service Focus on one of the goods/services that you wrote about in which the price has changed In your skit, be sure to show and explain how different factors led to change in price Everyone in the group most have a role in the skit: Producer, Consumer, Supplier, Economist, Narrator, Competitive Rival, Government Rep., etc.

Predict the Future: 1 paragraph writing activity Identify a current good/service whose price will greatly change (either increase or decrease) in the next 20 years, and explain why the price of this good/service will so dramatically change

Group Presentations: Review for the final With your group that you will be doing the review presentation for the final with, update them as to what you are doing for your presentation Make sure everyone in your group is on the same page and see if anyone needs help with their presentation If everyone seems good to go, rehearse your presentations: Make sure everyone knows the order of the individual presentations Make sure there is no overlapping material Make sure there are smooth transitions from one presentation to the next When your group is done, you may start working on your presentation in class

Warm Up Identify three factors that impact pricing and explain how each factor impacts pricing

Homework: Complete Study Guide for Econ. Final Fully write out all relevant notes and material for each term/concept/person on the study guide

Looking Ahead Econ. Final Next Week: 12/19 Start Studying Today

Group Presentations-5 Minutes Final Prep. Time for your group’s presentations Make sure everyone knows what they are saying- you will be getting graded on public speaking rubric Make sure everyone knows the order of who is going when Make sure there are smooth transitions from one person to the next Make sure that the class fully understands your topic before stopping your presentation

Group Presentations -Basics of Econ -Economic Systems -Free Enterprise -Demand -Supply

Presentation Rubrics: How you will be graded

Warm Up Identify three questions that you have about the content of the Final Don’t answer your own questions

Study Guides will be due on day of the Final Looking Ahead Final Exam: 12/19 Study Guides will be due on day of the Final

Enhance Studying Skills Synthesize Economics Learning Objectives Enhance Studying Skills Synthesize Economics Engage in Collaborative and Visual Learning

Switch Warm Ups with a Partner Have your partner answer your questions Switch back and ask any questions that you or your partner might still have about the content of the Final

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 You will get a card with a term/concept that we have been over You will be asked to act out the word You can’t make noises You can’t draw If you guess someone else’s word, you either get to go up next, or someone can pick you to go up and act out the next word If you can act out 3 words and the class gets them right, you get extra credit on the Final

Start The Social Network Fill out the question and answer sheet for The Social Network