1. Today’s Warm Up If you are a visual learner, grab a couple different color markers from the front desk. If you are a visual learner, grab a couple different color markers from the front desk. Take out your class notes! Take out your class notes!

2. What Would Happen If… For each, use context clues to figure out if the given price is above or below equilibrium. For each, use context clues to figure out if the given price is above or below equilibrium. Then, decide if there will be a surplus or a shortage. Then, decide if there will be a surplus or a shortage. Finally, provide a graphical representation. Finally, provide a graphical representation.

3. Markets Today’s LEQ: Today’s LEQ: How do you graphically predict changes to supply and demand for a given market?

4. Change in Quantity Demanded vs. Change in Demand Change in quantity demanded means movement along the demand curve. Change in quantity demanded means movement along the demand curve. Change in demand means the entire curve shifts. (video clip) Change in demand means the entire curve shifts. (video clip)

5. Factors that cause demand to change or shift Tastes and fads Tastes and fads Income Income Number of buyers Number of buyers Future price expectations Future price expectations Price and availability of: Price and availability of: Substitutes Substitutes Compliments Compliments Complete Activity 1 Complete Activity 1

6. IRDL the Turtle IRDL the Turtle “IRDL” will help you! INCREASE = RIGHT INCREASE = RIGHT DECREASE = LEFT DECREASE = LEFT

7. Factors that cause a change in supply: Price of land, labor or capital Price of land, labor or capital Technology Technology Number of other sellers Number of other sellers Price of other goods I could produce Price of other goods I could produce Tax policy Tax policy Complete Activity 2 Complete Activity 2

8. Graphing Changes in Supply & Demand For shifts in demand, we’ll do letter B together for practice. Use this as an example to complete letters D and F. For shifts in demand, we’ll do letter B together for practice. Use this as an example to complete letters D and F. For shifts in supply, we’ll do letter B together for practice. Use this as an example to complete letters C and E. For shifts in supply, we’ll do letter B together for practice. Use this as an example to complete letters C and E. Think, Ink, Coach Think, Ink, Coach Partner A has the longest hair. Partner A has the longest hair.

9. Error Analysis: Justin Bieber’s Homework Failed his econmic assignment (probably because he was in jail). Help him understand what he did wrong. Failed his econmic assignment (probably because he was in jail). Help him understand what he did wrong.

10. Today’s Exit Ticket Justin Bieber was absent from class. Explain to him the difference between a change in quantity supplied versus a change in supply. Also explain to Justin the difference between a change in quantity demanded and a change in demand. Provide a graphical representation as well. Justin Bieber was absent from class. Explain to him the difference between a change in quantity supplied versus a change in supply. Also explain to Justin the difference between a change in quantity demanded and a change in demand. Provide a graphical representation as well.

11. Before You Roll… On loose-leaf, create your own supply shift scenario and your own demand shift scenario. Put your name on your exit ticket and place it in the bin. YOU MIGHT SEE YOUR QUESTION ON THE QUIZ TOMORROW!!! On loose-leaf, create your own supply shift scenario and your own demand shift scenario. Put your name on your exit ticket and place it in the bin. YOU MIGHT SEE YOUR QUESTION ON THE QUIZ TOMORROW!!! Activities 3, 4, and 5 are extra practice. Activities 3, 4, and 5 are extra practice. I’ll be here for an econ review until 4p.m. I’ll be here for an econ review until 4p.m.