AP ECONOMICS: September 12

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Presentation transcript:

AP ECONOMICS: September 12 Warm-up: Using yesterday’s warm-up data, explain why the terms of trade that follow would be acceptable or not to both parties: (a) Billy Bob will trade 10 programs to Sally Sue for 7 glasses (b) Sally Sue will trade 10 glasses to Billy Bob for 17 programs Learning Target #1 In order to establish a thorough understanding of the workings of a free market economy, I will learn the principles of supply. I will know I have it when, on a supply graph, I can: (1) differentiate between a change in quantity supplied vs. a change in supply; and (2) accur-ately shift supply curves given various supply curve shift scenarios. --Supply application: complete Worksheet 6.2 (HO) and TURN IN Learning Target #2 In order to establish a thorough understanding of the workings of a free market economy, I will analyze market equilibrium. I will know I have it when, on a supply and demand graph, I can show and explain an example of: (1) equilibrium; (2) a surplus; and (3) a shortage. --Video: Market Equilibrium, Surplus, & Shortage Worksheet 7.1 (HO) Assignment: Worksheet 6.4 (HO); read Module 7; study for FRQ over PPC and/or comparative advantage (FRQ is Friday)