Supply! and Demand! (together again…again) CR-Economics Supply! and Demand! (together again…again) Anticipatory set – on display as students enter classroom.

AGENDA May 4, 2011 Today’s topics: Administrative: CR-Economics AGENDA May 4, 2011 Today’s topics: Taking Care of Each Other / Review Masterpiece Theater: A dramatic reading of Supply & Demand Human Supply & Demand curves Administrative: Test feedback Homework due Thursday, May 5: none

Taking Care of Each Other CR-Economics Taking Care of Each Other Our last CR-Economics class: Video -- Economics U$A Supply and Demand: What Sets the Price Current Events: The markets after bin Laden Progress Reports [in addition to building community, this routine functions as a review] Teacher prompts/reminds, as necessary.

Masterpiece Theater Pick an accent, any* accent… CR-Economics Masterpiece Theater Pick an accent, any* accent… *No derogatory accents – see Classroom Ground Rule #1 Have students write their name next to the characters they will portray

CR-Economics Masterpiece Theater

CR-Economics Masterpiece Theater

CR-Economics Masterpiece Theater

Human Supply & Demand curves CR-Economics Human Supply & Demand curves Get out your Supply! and Demand! notes Join your group TBone Olivia Veronika Hugo Lorelei Dalton Pedro Lupita Cynthia Tommy Nick Teacher directs students to join their assigned group Clear desks/tables from the center of the room Use tape to create a large graph with labeled SUPPLY and DEMAND curves on the floor (and PRICE and QUANTITY)

Human Supply & Demand curves CR-Economics Human Supply & Demand curves You will see a headline and your group will discuss: Does the headline affect the demand or supply curve? Does the curve shift to the left, to the right, or not at all? If the curve shifts, what demand or supply shifter causes the shift? If the curve does not shift, discuss whether quantity demanded or supplied increases or decreases, and why? One group will be selected -- Members of that group link arms. I will ask, “Demand or supply?” The group will step together onto the graph and stand on the supply or demand curve affected by the headline. I will ask, “Shift or stay?” The group should shift in unison two steps to the left or right. If the group thinks the curve does not shift, they do not move. One member of the group will explain: What demand or supply shifter causes the curve to shift (& why). If the curve does not shift, explain whether the quantity demanded or supplied increases or decreases and why.

Human Supply & Demand curve HEADLINES (pg1) CR-Economics Human Supply & Demand curve HEADLINES (pg1) Farmer Invents New Picking Machine—Harvests Apples in Half the Time How will this information affect market demand or supply for Red Delicious apples? Minimum Wage Increased 25%—Teen Workers to Benefit Most How will this information affect market demand or supply for downloaded music?

Human Supply & Demand curve HEADLINES (pg2) CR-Economics Human Supply & Demand curve HEADLINES (pg2) Nation’s Largest Spaghetti Producer Cuts Pasta Prices How will this information affect market demand or supply for spaghetti sauce? Colorado Ski Resorts Announce 25% Increase in Lift Ticket Prices How will this information affect market demand or supply for lift tickets in Colorado?

Human Supply & Demand curve HEADLINES (pg3) CR-Economics Human Supply & Demand curve HEADLINES (pg3) Popular Sports Figure Signs Endorsement Deal with Shoe Company How will this information affect market demand or supply for athletic shoes? Price for Coffee Beans at All-Time Low—Java Lovers Celebrate! How will this information affect market demand or supply for espresso?

Human Supply & Demand curve HEADLINES (pg4) CR-Economics Human Supply & Demand curve HEADLINES (pg4) Designer Announces New Line of Upscale Women’s Clothing How will this information affect market demand or supply for women’s evening wear? Subzero Temperatures Destroy Much of Florida’s Citrus Crop How will this information affect market demand or supply for orange juice?

Homework Before you leave Put chairs on desk Turn in: Test corrections CR-Economics Homework Before you leave Put chairs on desk Turn in: Test corrections Guided Notes handout Homework due Thursday, May 5: none