Warm Up – April 30 Answer the following questions on a post-it: 1. Describe the difference between Microeconomics and Macroeconomics? 2. What are the four factors of production? Describe each. 3. How can specialization be both beneficial and a detriment to production? QUIZ Friday May 3rd– Intro to Economics, Command and Market Economies, Factors of Production, Supply and Demand

UNIT 7: The economy Supply and Demand

SUPPLY SUPPLY - a business willingness to sell (supply) products to be sold. LAW OF SUPPLY- businesses will supply more goods at higher prices than they will at lower prices. If you own a business wouldn’t you sell more products if people would pay higher prices for them.

Factors that effect a businesses willingness to supply a product. 1. Costs of production - If it is more expensive to make the product, they won’t make as many. 2. Changes in Taxes and Government Policies- If the government increases/decreases taxes, it will change a businesses supply.

Factors that effect a businesses willingness to supply a product. 3. Technology- if technology improves businesses can make goods cheaper. 4. Expectations for the future: What does a business think will happen in the future (if new technology is coming out, do you keep making new materials?)

SURPLUS SURPLUS-when a business makes too much of a product Prices go down, b/c businesses want to get rid of their extra supply SUPPLY is UP, PRICES GO DOWN

SHORTAGE When a business doesn’t have enough supply to fulfill consumers demand When DEMAND is HIGH, prices go UP b/c people want the supply and will pay more for it.

Costs of an Iphone 5s (2016)

Shark Tank Entrepreneurship Project – Presentation Rubric Group Members: What is their product called? How much of an investment is the group asking for? What is the purpose of their product? How much does one unit of their product cost? How much are they selling one unit of their product for? Would you invest in the product? Why or why not? Ask the group a question – Can focus on whether you think people would buy the product, a question about how they came up with how they came up with their price or how they are going to handle competition with their product

TOD – April 30 Answer the following questions on the same post it: What is supply? What is the law of supply? What are the four factors that effect a business’ willingness to supply a product How can a surplus and shortage effect the price of a product?