Supply

Write down three content- based questions that you have for the quiz Warm Up Write down three content- based questions that you have for the quiz Don’t answer your own questions

Homework: Complete Study Guide Write out all notes and relevant material for everything on the study guide

Synthesize material from Free Enterprise-Demand Learning Objectives Synthesize material from Free Enterprise-Demand Enhance studying skills Engage in Collaborative Learning

Warm Up Check starting from 8/1 Looking Ahead Quiz Next Class Warm Up Check starting from 8/1

Switch Warm Ups with a partner Have your partner answer your questions Pair-Share Warm Ups Switch Warm Ups with a partner Have your partner answer your questions Ask any questions that you might have

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

-The group member can’t talk or draw Charades -One group member will act out a word -The group member can’t talk or draw -The group has 30 seconds to guess the word on the card -Points will be taken away if a group complains

Family Feud: 5 Minutes 5 Groups: Each group is a “family” I will give each family 3 topics Each family member has to write down one word that they would associate with each topic After each family member has contributed a word, each family will make a list of the words they associate with each of the topics

Family Feud-Speed Round After each family has a list written out for each topic, then they will say their topic to the other families The other families have 30 seconds for each family member to contribute a word before the family shows its list Each family member’s word will be written down to show the family’s list for the topic All the families will go at the same time Be careful not to let the other families hear what your group is thinking and make sure you write down your answer

What are the seven basic Free Enterprise Principles and define each Exit Ticket What are the seven basic Free Enterprise Principles and define each

In-Class Time to Work on Study Guides Use this in-class time to work on your study guide If you are all done, please work on your marriage project

Prepare to take quiz: everything off your desks Warm Up Prepare to take quiz: everything off your desks Put Warm Ups under desk and have them ready for me to check

Homework: Write a Creative Short Story (1-2 Pages) Imagine that you are a factory owner…you can produce any legal product you want Write a short story (1-2 pages) that describes what you would do in response to the price of the product rising rapidly Thesis should focus on how you would respond to the rise in price by increasing, decreasing, or keeping the supply of the product the same Your body paragraph(s) should explain why you made this decision, how the laws of Supply and Demand are being shown, and how the raise in pricing of the product that you are selling impacted your business plan Be sure to include Introduction, Conclusion, and body paragraphs

Enhance quiz-taking skills Synthesize Free Enterprise- Demand Learning Objectives Enhance quiz-taking skills Synthesize Free Enterprise- Demand Engage in collaborative learning

Quiz: Free Enterprise- Demand Take Quiz Quiz: Free Enterprise- Demand

Share your Community Service Project with the Class Prep time: 5 minutes Remember good Public Speaking skills: Be engaging Make eye contact with the audience Pace yourself: Don’t go too fast or too slow Be mindful of your body movements STAY CHILL

Chips vs. Candy: Simulating Supply and Demand Each consumer has $10.00 One producer is selling Chips and they have 20 bags One producer is selling Candy and they have 20 pieces (3 pieces for each consumer) Each producer will set their own prices for the product they are selling based on the Demand for the product You have to keep track of how many products are sold at each price because after selling the goods, everyone will create an Individual and Market Demand Schedule for each product HINT: Market Demand Schedule for this simulation=Brentwood/Disco Bay Population of Brentwood/Disco Bay: circa 75,000

Analyzing the Simulation How did this simulation simulate the impact of demand in economics? What did this simulation show about the impact of supply in economics? What does this simulation show about how ethical questions are brought into economics? How are Individual and Market Demand Schedules helpful for producers? What other factors need to be considered in this simulation?

Self-Reflection: In-class writing assignment (2 Pages) Why are following the Class Norms important? What happens when the Class Norms aren’t followed? Why do some people think that the Class Norms are a joke? How do you think Mr. Rosenberg feels when the class isn’t functioning? What can you do better to help this class become more functional? What can your classmates do to help this class become more functional?

Warm Up Identify one thing that our simulation of Granola Bars vs. Candy showed us about Supply and Demand. Explain in one sentence how the simulation showed us this

Homework: Write a Creative Short Story (1-2 pages) Imagine that you are a factory owner…you can produce any legal product you want Write a short story (1-2 pages) that describes what you would do in response to the price of the product rising rapidly Thesis should focus on how you would respond to the rise in price by increasing, decreasing, or keeping the supply of the product the same Your body paragraph(s) should explain why you made this decision, how the laws of Supply and Demand are being shown, and how the raise in pricing of the product that you are selling impacted your business plan Be sure to include Introduction, Conclusion, and body paragraphs

Interpret Supply Vocabulary Learning Objectives Interpret Supply Vocabulary Analyze case studies that demonstrate the Law of Supply Engage in Creative Expression

Supply Vocabulary Supply: The amount of goods available Law of Supply: Producers of a good will increase the supply of a good if the price of the good rises Supply Schedule: The relationship between price and quantity supplied for a specific good Variables: Factors that can change Market Supply Schedule: A chart that lists how much of a good all suppliers will offer at different prices

Textbook Example of Individual Supply Schedule

Textbook Example of Market Supply Schedule

Check for Understanding How does the demand for a good impact the supply of a good? How does the supply for a good impact the demand of a good? Can you think of a product whose supply increased due to the demand increasing? What variables do you think play a role in determining the supply of a good?

Blood Diamond https://www.youtube.com/watch?v=5m2LQPHTJXY Is the Law of Supply being shown in this clip? Why or why not? What does this tell you about the supply choices a producer can make when the price of their product increases? What are the variables that are included in the supply and demand for Blood Diamonds? How are ethical questions raised in this scene pertaining to the supply and demand of Blood Diamonds?

Indiana Jones: Supply and Demand Explained https://www.youtube.com/watch?v=RP0j3Lnlazs In the scene where Indiana Jones was selling the diamond to the buyer, was the Law of Supply shown? Why or why not? Do you think that Indiana Jones was doing the right thing by increasing the price? Why or why not? In the Pet Snakes example, what is he saying about what happens to the price of a good when the supply increases? What is this saying about how Demand is impacted by pricing? What is the difference between the Supply Curve and the Demand Curve? How is a Shortage and a Surplus created? What is equilibrium in Supply and Demand?

Journal 6: Blockbuster stresses Buying over Renting What is the new business strategy for Blockbuster and how does this demonstrate the Law of Supply? Who became the new competitors for Blockbuster and how did these new competitors create problems for Blockbuster? What does this article say about the importance for businesses/companies to focus on consumer and technological trends? In 2004, Blockbuster had about 9,000 stores. In 2016, they have 11 stores. What did Blockbuster do wrong and what would you have done differently if you were the owner of Blockbuster

Warm Up What businesses or companies do your predict will be out of business in 20 years from now? Why do you think this?

Homework: Write a Creative Short Story (1-2 Pages) Imagine that you are a factory owner…you can produce any legal product you want Write a short story (1-2 pages) that describes what you would do in response to the price of the product rising rapidly Thesis should focus on how you would respond to the rise in price by increasing, decreasing, or keeping the supply of the product the same Your body paragraph(s) should explain why you made this decision, how the laws of Supply and Demand are being shown, and how the raise in pricing of the product that you are selling impacted your business plan Be sure to include Introduction, Conclusion, and body paragraphs

Synthesize how Elasticity impacts Supply Learning Objectives Synthesize how Elasticity impacts Supply Interpret the difference between Individual and Market Supply Schedules Analyze how the Costs of Production play a role in Supply

Music, Clothing, and Entertainment Industries While watching the videos from the 70’s, 80’s, 90’s and modern day, jot down some notes about what type of music, clothing, or entertainment trends you are seeing How do these videos show the Law of Supply impacting the music and clothing industries? How does Demand impact Supply when it comes to music and clothing? https://www.youtube.com/watch?v=LUID0jSh2Ic 1979 (Saturday Night Fever) https://www.youtube.com/watch?v=FTQbiNvZqaY 1983 (Toto, Africa) https://www.youtube.com/watch?v=1nCqRmx3Dnw 1990 Fresh Prince of Bel Air https://www.youtube.com/watch?v=desJKYvdq9A 2002 (Good Charlotte) https://www.youtube.com/watch?v=y7tI1E6kp0o 2009 (Deadmau5)

Creative Expression Show the Law of Supply through imagery Draw at least 5 images Write 1-2 sentences on how your images demonstrate the Law of Supply Hints: Consumer Trends Symbols Entertainment Popular Culture People

Brainstorming Identify three factors that impact the Supply of a product and explain in one sentence how each impacts supply

Retaining Material What does it mean for something to be elastic? What does it mean for something to be inelastic? How does elasticity impact demand? How would this impact the supply of a product? What is an Individual Demand Schedule? What is a Market Demand Schedule? What is an Individual and Market Supply Schedule?

Elasticity of Supply-Check for Understanding Elasticity of Supply: A measure of the way quantity supplied reacts to a change in price How is this different from Elasticity of Demand? If supply is elastic, will there be a small or big reaction to an increase in price? If supply is inelastic, will there be a small or big reaction to an increase in price?

Create a Market and Individual Supply Schedule Based on the product that you are selling for homework, create an Individual Supply Schedule and a Market Supply Schedule Your Market Supply Schedule is 1000x bigger than your Individual Supply Schedule Under your schedules, explain how these charts help you (the factory owner) to make decisions about how to price your product in order to maximize your profits (2-3 sentences)

Individual and Supply Curves Individual Supply Curve: Graph that shows the quantity of the product sold at different prices for individual suppliers Market Supply Curve: Graph that shows the quantity of the product sold at different prices for all suppliers in the market Create an Individual and Market Supply Curve on the back of your paper for your product, based on your Individual and Market Supply Schedule that you wrote out

Individual and Market Supply Curves in the Textbook (pg. 105)

Transitioning: Costs of Production How is McDonalds able to sell a burger for about $5.50 while at Dad’s Cafe, a burger costs about $9.00? How does McDonalds know how much food to produce each day? If you buy a burger from Dad’s Café for $9.00, is their profit $9.00? If not, how would you go about determining their profit?

Costs of Production Identify 3 things that most producers have to pay for in order to make their product Combine your list with a partner, and between the two of you, decide upon which Cost of Production is the most impactful on the Producer As a class, we will make a list of the different Costs of Production that a producer must consider and decide which is most important

Costs of Production: Labor and Output Marginal (Economic Terms): Additional Marginal Product of Labor: Change in output from hiring one more laborer Increasing Marginal Returns: Level of production which the marginal product of labor increases as number of laborers increases Diminishing Marginal Returns: Level of production in which the marginal product of labor decreases as the number of workers increases

What is a Diminishing Marginal Return? Warm Up What is a Diminishing Marginal Return? If a producer has a Diminishing Marginal Return, what should the producer do?

Analyze Supply Vocabulary Learning Objectives Analyze Supply Vocabulary Interpret how Ethics impacts Supply and Demand Build Connections to your life

Office Space https://www.youtube.com/watch?v=hNuu9CpdjIo Do you think the bosses were being ethical? Why or why not? Do you think that there is such a thing as “people skills”? Why or why not? How valuable are “people skills” in the workforce? Is this an example of Increasing or Diminishing Marginal Returns? Why?

Downsizing Discussion Downsizing: Process of making (a company or organization) smaller by eliminating staff positions. What ethical or financial obligations should employers/owners/bosses have for their employees? What are the advantages of treating your employees well and giving them job security? Can there be disadvantages of treating your employees well and giving them job security? How would you feel if you were the employer and you had to fire somebody? What does this tell you about being your own boss? When someone gets downsized, what can their reactions be like?

Up in the Air: People’s reactions to getting fired https://www.youtube.com/watch?v=fjVyrWdUy0c Do you think the employee’s reactions are justified? Why would someone take the job that George Clooney has? What do you think George Clooney meant when he said to Zach G. “Anybody who ever built an empire or changed the world sat where you are right now”? Do you think there is legitimacy to this quote or do you think he was just trying to make him feel better?

Check For Understanding What real-life examples can you think of in which there has been a diminishing marginal return? What real-life examples can you think of in which there has been an increasing marginal return?

Brainstorming Identify two ways in which ethical questions have been brought up in Supply and Demand