Ch. 4-6 Test is Tuesday (warm-ups due Tuesday)

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Presentation transcript:

Ch. 4-6 Test is Tuesday (warm-ups due Tuesday) ECONOMICS: September 28 Warm-up (reading Milton Friedman biography from p. 170): What does Friedman have to say about government (G) interference in the economy? Does he think P ceilings and P floors are good policy? What other economist that we have studied reminds you of his view of G involvement in the economy (Hint: invisible hand)? Economics Learning Target #1: In order to better understand how prices affect the marketplace, I will be able to explain the concept of market equilibrium. I will know I have it when, on a S and D graph, I can: (1) show a change in equilibrium P and Q due to changes in S and D; and (2) apply specific S and D curve shifters to explain why changes in S and D may have occurred. See Chapter 6, Lesson 2 Lecture Guide (HO from yesterday) --Based on your knowledge of the S & D curve shifters, determine some additional possible reasons for the curve shifts (TURN IN) Economics Learning Target #2: In order to understand the concept of P controls, I will analyze G imposed P ceilings and P floors. I will know I have it when, on a combined S and D graph, I can show the market going into disequilibrium as a result of: (1) a P floor creating a surplus; and (2) a P ceiling creating a shortage. See Chapter 6, Lesson 3 Lecture Guide (HO) --P ceilings and P floors: preview video -analyzed through rent controls and the minimum wage Ch. 4-6 Test is Tuesday (warm-ups due Tuesday)