1 Take out Assignment 4: Phocab. for stamp. Also take out car paper and turn in. What will we learn today? What will we learn today? 12.2.5 Understand.

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Presentation transcript:

1 Take out Assignment 4: Phocab. for stamp. Also take out car paper and turn in. What will we learn today? What will we learn today? Understand the process by which competition among buyers and sellers determines a market price Describe the effect of price controls on buyers and sellers. Unit: Market Structures Day 1 A fad is an item or idea that is temporarily popular. What is an example of a current fad? Do you like the fad or do you think it is stupid? Do you think it is a fad that will last a long time or be gone in a couple years?

Car Shopping 2 YearModelMakeColorMileageCost Used/ New? Website Example 2001FordMustangBlack59,000 mi$9900UsedAutotrader.com #1 #2 #3 Shopping For a Car Visit a few websites (autotrader.com, cars.com, carmax.com, etc.) to find the car of your dreams reality. You can pick one car under $10,000, one car under $20,000, and one car under $30,000. You need to pick three different cars and you need to actually sit down and look up the information. If you don't have a computer, just stop by my room.

Phocabulary Art Show Spillover costs (pg. 144) Black market (pg. 142) Rationing (pg. 141) Supply shock (pg. 141) Search costs (pg. 136) Minimum wage (pg. 130) Rent control (pg. 129) Excess supply (pg. 128) Excess demand (pg. 126) Equilibrium point (pg. 125) 3 Word and definition on the left. Picture on the right.

Assignment 5: 7.1 Perfect Competition Read Along (Front and Back) Open your book to page 151. Objectives: Describe four conditions that are in place in a perfectly competitive market. List two common barriers that prevent firms from entering a market Describe prices and output in a perfectly competitive market. 4

Front Notes 5

Back Pg. 154,

Indie Quiz You will work independently to answer questions regarding 6.1 and 6.3. I will treat this as a test. Any talking is unacceptable. 7

Assignment 6: Used Car Interest Rates Write down these directions in your notebook. Google the phrase “used car interest rates” Get me three examples of bank interest rates for used cars for 48 month loans. Here is an example of what your paper might look like: 8 Bankrate.comInterest.comEloan.com X.X%