Who are we selling to? Markets – all potential buyers and sellers for a particular product

How much do they want it? Demand - An economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service. – Holding all other factors constant, the price of a good or service increases as its demand increases and vice versa.

Vocabulary (quiz today) Supply Supply Curve Regulation Surplus Shortage Rationing Supply Shock Excise Tax Excess Demand Demand Curve Marginal Subsidy Equilibrium Black Market Variable Elasticity Ceteris Paribus

Socrative Quiz Room number: 3EF5F3A4

In Your Notebooks In what ways could the U.S. economy have been affected by 9-11?

In Your Notebooks List all of the costs of making a ‘widget’ – Materials – ?

In Your Notebooks List all of the costs of making a ‘widget’ – Materials – Labor – ?

In Your Notebooks List all of the costs of making a ‘widget’ – Materials – Labor – Utilities – ?

In Your Notebooks List all of the costs of making a ‘widget’ – Materials – Labor – Utilities – Delivery/Transportation – ?

In Your Notebooks List all of the costs of making a ‘widget’ – Materials – Labor – Utilities – Delivery/Transportation – Facilities/Rent

In Your Notebooks List all of the costs of making a ‘widget’ – Materials – Labor – Utilities – Delivery/Transportation – Facilities/Rent – Research

In Your Notebooks List all of the costs of making a ‘widget’ – Materials – Labor – Utilities – Delivery/Transportation – Facilities/Rent – Research – Advertising

In Your Notebooks List all of the costs of making a ‘widget’ – Materials – Labor – Utilities – Delivery/Transportation – Facilities/Rent – Research – Advertising – Insurance

Cost of Production

In Your Notebooks From an economic perspective, why could immigration be good? Why could it be bad?

Why do NBA players make so much money?