Economics 10-29-2015 Vocab: Law of Supply Journal: 1.) What does the supply schedule show? 2.) When the price of oil rises, what will happen to oil production.

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Presentation transcript:

Economics Vocab: Law of Supply Journal: 1.) What does the supply schedule show? 2.) When the price of oil rises, what will happen to oil production in an oil-rich country? Why?

Economics Journal: 1.) Explain the difference between an elastic business and an inelastic business? What are these? What are these? Rock Band Concert Bakery Sony or Samsung

Economics Vocab: Elasticity of Supply Journal: 1.) State whether you think the supply of the following services is elastic or inelastic, and explain why: (a) a lawn-care service, (b) making movies, (c) professional baseball.

Economics Vocab: Increasing Marginal Returns & Diminishing Marginal Returns Journal: 1). What are examples of fixed costs and variable costs for a farm?

Economics Vocab: Marginal Cost Journal: 1). If regulation increases price and decreases supply, why does the government issue regulations?

Economics Vocab: Subsidy Journal: 1.Copy the guided reading chart from p. 123 into your notes. You will fill it out in your groups. 2.Suppose the United States buys most of its bananas from a particular country. If that country suffered a drought, what would happen to the supply curve for bananas? What response by American companies would shift the curve in the opposite direction?

Economics Vocab: Dividends Journal: 1). Would you invest your money in the stock market? Why or why not?

Old PriceNew Price DemandSupply $1.00$4.00 $6.00$3.00 $2.50$7.50 $ $ $9.00$11.00

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