Lessons: 1.04, 1.05, 1.06 Regular 1.04, 1.05, 1.06 Honors You’re going to need a piece of paper and a pencil for this session. Economics Live Lesson Mrs. Bollinger Lessons: 1.04, 1.05, 1.06 Regular 1.04, 1.05, 1.06 Honors

Live Lesson Reminders Once the lesson starts – Please pay attention and answer questions when asked. To receive credit for attending the session, you must sign in with your last name, first name. We will also take attendance using Google forms. The purpose of the lesson is to listen, participate and get the lesson done – not watch TV, listen to music, etc. Don’t be distracted by other things. The session is your only focus. Only use appropriate academic language. Be respectful of other participants and the teacher – be accepting of contributions made by others. Any violation of these guidelines or inappropriate behavior will result in removal of the participant. No credit will be issued. Severe infractions will result in Parent Contact and/or a report to FLVS Full-Time Administration.

Turn It In Please remember that you must submit the originality report for these portfolio assignments. Regular- 1.04, 4.03, 5.06, 6.04 Honors- 1.04, 4.03, 4.06, 5.06, 6.04 Economics: Class ID: 5395558 Password: supply http://flvseconomics.weebly.com/turn-it-in.html

What to do this week… Regular: 1_01, 1_02, 1_03, 1_04 Honors:

What is Economics? The study of the … production (creating a good or service) distribution (quantity of good or service) consumption (buying of good or service) of goods and services. It answers: What to produce? How to produce? For whom to produce

Choices Scarcity Trade-offs Opportunity costs Economics is the study of choices. Why do we make the choices that we do. Why can’t we have it all? That is the idea of scarcity. What are some things you could be doing if you weren’t in this live lesson? That is your trade-off for being here. What is the top thing you would want to do if you weren’t here? That is your opportunity cost.

Cost and Benefit Analysis Should the Pizza Shop Owner add Delivery Service? Cost Benefit New employees’ wages and fuel costs Additional customers, especially area businesses Postponement of planned remodeling of dining area Nicer renovation (from increased profits) Advertising in flyers and newspaper Increased profits

Should you go to college? Cost Benefit

Which was the best decision? Why?

Some terms to know for demand Demand- The total amount of a good or service that people are willing to buy… “the whole curve” Quantity demanded- The amount of a good or service that will be purchased at a particular price … “specific point on the curve” Price Quantity Demanded $200 50 $150 100 $100 150 $50 200

Let’s label this graph! P, Q, increase QD, decrease QD, Demand 2. 1. 4. 5. 3.

Demand Schedule to Demand Graph Change in price only changes quantity demanded (a point on the curve). A sale won’t shift the curve!

What shifts the curve?

Left is less. Right is more. Demand Shifts A shift to the left, indicates a decrease in demand. A shift to the right, indicates an increase in demand. In other words: Left is less. Right is more.

Time to make your own graph! Get our your own piece of paper and pen/pencil!

Demand Schedule to Demand Graph

Increase and Decrease in Demand Make a line that shows your increase in demand. Label it D1. Make a line that shows your decrease in demand. Label it D2.

After the Live lesson take a picture of your demand graph and insert it for #8 on the alternate assignment!

Some terms to know for supply Supply- The total amount of a good or service available for purchase… “the whole curve” Quantity supplied- The amount of a good or service that will be produced at a particular price… “specific point on the curve” Price Quantity Supplied $200 200 $150 150 $100 100 $50 50

Let’s label this graph! P, Q, increase QS, decrease QS, Supply 2. 1. 4. 5. 3.

Supply Schedule to Supply Graph Remember that a change in price will only change quantity supplied (a specific point on the curve), not the whole supply curve.

What shifts the curve?

Left is less. Right is more. Supply Shifts A curve shift to the left, indicates a decrease in supply. A curve shift to the right, indicates an increase in supply. For both supply and demand curve shifts we can say: Left is less. Right is more.

Supply Schedule to Supply Graph

Make a line that shows your decrease in supply. Label it S2. Increase and Decrease in Supply Make a line that shows your increase in supply. Label it S1. Make a line that shows your decrease in supply. Label it S2.

After the Live lesson take a picture of your supply graph and insert it for #12 on the alternate assignment!

Questions

How do I get credit? Fill out your alternate assignment completely Submit it to Turn It In and download the PDF Originality Report It’s a 3 for 1 deal!! Submit the SAME assignment to: 1_04, 1_05, 1_06 Regular 1_04, 1_05, 1_06 Honors