Do Now What would you do if your favorite shoes went on sale for $5? What would you do if your favorite shoes went on sale for $250?

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Presentation transcript:

Do Now What would you do if your favorite shoes went on sale for $5? What would you do if your favorite shoes went on sale for $250?

MR. WOOD ECON 102 Equilibrium and Prices in the Market

Essential Question How are Equilibrium prices set in the market and what happens when the equilibrium prices are changed? 9.12b.2Discuss the effects of changes in supply and/or demand on the relative scarcity, price, and quantity of particular products (supply/demand curve.)

Objective Identify and define market equilibrium and Equilibrium price

Let’s go back to Berkeley!! 24:45- 36:00 We will watch, compare notes with a partner + finally discuss the lecture

Today’s Reading Homework THIEVES notes for Ch. 6 Title 6.1- Introduction- 1-2 sentence summary Summary- key words + notes , pages Headings into questions 0-2 notes per paragraph

Ticket Out Paired Verbal Fluency - What did you learn today???

Do Now What does Equilibrium Price mean?

Do Do Now Why do shortages happen? Why do surpluses happen?

Agenda YesterdayToday THIEVES Notes Title Introduction- 1-2 sentence summary Summary- key words + notes , pages Headings into questions 0-2 notes per paragraph Lecture from Cal-Berkeley Lectures from Khan Academy Watch, make predictions, Compare notes + Discuss Practice Problems- Equilibrium Price Homework- THIEVES- Headings into questions - First Sentence -Key words + ideas P

Objective Explain and Graph Equilibrium prices Demonstrate how shifts in demand and supply affect equilibrium price

Lecture – Equilibrium Price domain/microeconomics/supply-demand- equilibrium/market-equilibrium-tutorial/v/market- equilibrium domain/microeconomics/supply-demand- equilibrium/market-equilibrium-tutorial/v/market- equilibrium Watch, Compare notes + Discuss

Changes in Equilibrium Price domain/microeconomics/supply-demand- equilibrium/market-equilibrium-tutorial/v/changes- in-market-equilibrium domain/microeconomics/supply-demand- equilibrium/market-equilibrium-tutorial/v/changes- in-market-equilibrium Watch, make predictions, Compare notes + Discuss

Practice- Test Prep Practice situations with equilibrium price

Ticket Out What would be the new equilibrium price for a can of Red Bull if it was found out that drinking a small can of Red Bull every day made you live 5 years less?

Do Now Define 2 of the 3 terms Allocative Efficiency Productive efficiency Dynamic Markets

Agenda YesterdayToday Lectures from Khan Academy Watch, make predictions, Compare notes + Discuss Practice Problems- Equilibrium Price Homework- THIEVES- First Sentence -Key words + ideas P Finish Test Prep Exercises Lecture- Price + Price Controls Homework- THIEVES- First Sentence -Key words + ideas P

Objective Explain and Graph Equilibrium prices Demonstrate how shifts in demand and supply affect equilibrium price Explain the role of price in a modern mixed economy

Take out your Test Prep Let’s continue to work on our Test Prep

Allocative Efficiency Productive efficiency Dynamic Markets Creative Destruction The Role of Price in a Modern Mixed Economy

HOW HAS THE MARKET FOR TELECOMMUNICATIONS CHANGED IN THE PAST YEARS? While you are watching the two videos- Answer this question with 2-3 details

Ticket Out Define 2 of the 3 terms Allocative Efficiency Productive efficiency Dynamic Markets

Do Now What are Price Ceilings? What are Price Floors? (these are in your text book)

Agenda YesterdayToday Finish Test Prep Exercises Lecture- Price + Price Controls Homework- THIEVES- First Sentence -Key words + ideas P Lecture on Government Intervention

Price Controls - Price Floors - Price Ceilings Government Intervention

Price Ceiling

surplus/deadweight-loss-tutorial/v/minimum-wage-and-price-floors surplus/deadweight-loss-tutorial/v/minimum-wage-and-price-floors Price Floors

Your Test!!!! Next Class period!!!!