1. Pricing

2. Brainstorming/Retaining Material
What is Equilibrium?
Why is it important for producers to find Equilibrium
Why is it important for consumers to find Equilibrium?
How do you think you would calculate Equilibrium
What do you think Disequilibrium is?

3. Equilibrium and Disequilibrium
Equilibrium: The point of balance between price and quantity
Disequilibrium: When something is supplied but not bought at a certain price or quantity
Excess Demand: When quantity demand is more than quantity supplied
Excess Supply: When quantity supplied is more than quantity demanded
How do you think Excess Demand and Supply impacts pricing?

4. Calculating Equilibrium

5. Equilibrium Experiment: Who can make the most money
I need three volunteers to be chip producers
Each producer will have 30 bags of chips
Each producer will decide the price of their chips at the beginning of each round
Each consumer will have $10
Each consumer can only buy 1 bag of chips per round
We will be keeping track of how many chips were bought at each price for each producer

6. Analyzing the experiment
Who made the most money and how did they make the most money?
What does this tell you about the importance of pricing in Economics?
Why is it essential for businesses to find Equilibrium?
What factors do you think could impact a businesses’ Equilibrium?

7. Group-Project: Review for Econ. Final
Review the handout that describes the group project that everyone will be doing to review for the Economics Final

8. How do you determine Equilibrium?
Warm Up
What is Equilibrium?
How do you determine Equilibrium?

9. Homework-Project Presentation
Create a presentation on one of the topics of the subject that your group has been assigned
Your Presentation needs to have some sort of visual/auditory component to it-(poster, song, chart, graph, diorama
Prep a script for your presentation and make sure your rehearse it
Presentations will be Monday- Dec. 12th

10. Econ. Final in 2 Weeks: Start studying today!!!
Looking Ahead
Econ. Final in 2 Weeks: Start studying today!!!

11. Learning Objectives Analyze how the government intervenes in pricing
Interpret the impact of Rent Control on San Francisco
Collaborate with classmates to find solutions to pricing problems

12. 10 Minutes to Meet with Groups
Figure out which topic each person is doing
Start thinking about how you want to run your presentations
Plan time when your group might want to meet outside of class to prepare your presentations

13. Government Intervention in Pricing
Is it good when governments intervene in the economy? Why or why not?
Is it bad when governments intervene in the economy? Why or why not?
What examples have we looked at of different forms of government intervention in the economy?

14. Government Intervention in Pricing
Price Ceiling: A maximum price that can be legally charged for a good/service
Price Floor: A minimum price for a good/service
Rent Control: A Price Ceiling placed on rent

15. Check For Understanding
Who benefits from a Price Ceiling- consumers or producers? Why do you think this?
Who benefits from a Price Floor- consumers or producers? Why do you think this?
Have you ever been impacted by a Price Floor? If so, how you were impacted?
What does this tell you about why the government intervenes in pricing?
Why would the government enforce Rent Control?
Which population demographic do you think Rent Control helps the most?

16. Best Example of a Price Floor: Minimum Wage
What factors do you think impact Minimum Wage?
What is the graph showing about Minimum Wages in the future? How do you think this is going to impact Cali’s economy?

17. Journal 7: Rent Control in San Francisco
Read the article about Rent Control in San Francisco and answer the questions that follow

18. You Create the Solution: Rent Control in San Francisco
In 2-3 sentences, describe the Rent Control problem in San Francisco
Create an outline (bullet-point list) of a plan to solve the problem of Rent Control in San Francisco
List must have at least 10 bullets
Create a visual/graphic under your list that illustrates the problem and the plan to fix the problem

19. Group Work Form groups of 4-5 people Share your plans with each other
Create a new bulleted list that encompasses ideas from everyone’s plan
Make sure the new list has at least 15 bullets
Everyone in the group should be prepared to present the plan so be sure to REHEARSE your plan with your group before presenting
Remember good Public Speaking Skills while you are presenting your plan

20. Check For Understanding
What is good about Rent Control?
What is bad about Rent Control?
How is Rent Control an example of government intervention in the economy?
Do you think the government needs to interfere more or less with the economy?

21. Exit Ticket
How can government intervention be good or bad for the economy. Identify three pros and three cons of government intervention

22. How does Supply and Demand impact pricing?
Warm Up
How does Supply and Demand impact pricing?

23. Homework: Project Presentation
Create a presentation on one of the topics of the subject that your group has been assigned
Your Presentation needs to have some sort of visual/auditory component to it-(poster, song, chart, graph, diorama
Prep a script for your presentation and make sure your rehearse it
Presentations will be Monday- Dec. 12th

24. Looking Ahead
Econ. Final in 2 weeks
Start Studying Today

25. Learning Objectives
Analyze Surplus and Shortage
Interpret Factors that impact pricing
Engage in Collaborative Learning

26. Retaining Information
What is an Equilibrium?
What role do Supply and Demand play in finding Equilibrium?
What is a surplus and how do you get a surplus?
What is a shortage and how do you get a shortage?

27. Surplus and Shortage
Surplus: Quantity supplied is greater than quantity demanded
Shortage: Quantity demanded is greater than quantity supplied

28. Check for Understanding
How is a Shortage of a product going to impact the price of the product?
How is a Surplus of a product going to impact the price of the product?
What vocabulary term have we recently learned which is the same thing as a shortage?

29. Brainstorming
Think of 3 goods/services that have changed price within the last year
Think of 3 good/services that have rapidly changed price since WW2
What factors are impacting the changes in price of these goods/services? Why is the price of the good/services changing?

30. Factors that impact price change
Search Costs: The financial and opportunity costs consumers pay in searching for a good/service
Surplus
Shortage
Changes to Equilibrium
a. Changing Technology
b. Changing Consumer Trends
c. More/less Competition
d. Rise/Decline in Supply of the good/service
e. Rise/Decline in Demand of the good/service

31. Check for Understanding
How would Search Costs impact the pricing of a good/service?
Which of these factors do you think will be most impactful on changing the price of a product? Rank them from most important to least important

32. Create a Skit on Price Changes as a result of Supply and Demand
In Groups of 4-5 people, create a skit that demonstrates how Supply and Demand impact price changes of a good/service
Focus on one of the goods/services that you wrote about in which the price has changed
In your skit, be sure to show and explain how different factors led to change in price
Everyone in the group most have a role in the skit: Producer, Consumer, Supplier, Economist, Narrator, Competitive Rival, Government Rep., etc.

33. Predict the Future: 1 paragraph writing activity
Identify a current good/service whose price will greatly change (either increase or decrease) in the next 20 years, and explain why the price of this good/service will so dramatically change

34. Group Presentations: Review for the final
With your group that you will be doing the review presentation for the final with, update them as to what you are doing for your presentation
Make sure everyone in your group is on the same page and see if anyone needs help with their presentation
If everyone seems good to go, rehearse your presentations:
Make sure everyone knows the order of the individual presentations
Make sure there is no overlapping material
Make sure there are smooth transitions from one presentation to the next
When your group is done, you may start working on your presentation in class

35. Warm Up
Identify three factors that impact pricing and explain how each factor impacts pricing

36. Homework: Complete Study Guide for Econ. Final
Fully write out all relevant notes and material for each term/concept/person on the study guide

37. Looking Ahead
Econ. Final Next Week: 12/19
Start Studying Today

38. Group Presentations-5 Minutes
Final Prep. Time for your group’s presentations
Make sure everyone knows what they are saying- you will be getting graded on public speaking rubric
Make sure everyone knows the order of who is going when
Make sure there are smooth transitions from one person to the next
Make sure that the class fully understands your topic before stopping your presentation

39. Group Presentations -Basics of Econ -Economic Systems -Free Enterprise
-Demand
-Supply

40. Presentation Rubrics: How you will be graded

41. Warm Up
Identify three questions that you have about the content of the Final
Don’t answer your own questions

42. Study Guides will be due on day of the Final
Looking Ahead
Final Exam: 12/19
Study Guides will be due on day of the Final

43. Enhance Studying Skills Synthesize Economics
Learning Objectives
Enhance Studying Skills
Synthesize Economics
Engage in Collaborative and Visual Learning

44. Switch Warm Ups with a Partner
Have your partner answer your questions
Switch back and ask any questions that you or your partner might still have about the content of the Final

45. Kahoot.It
THIS IS ONE TIME THAT YOU WILL BE ALLOWED TO USE YOUR CELL PHONES
Login to Kahoot. It
Enter your name
Plug in the Pin Code that I will show you
Winner= 10 points extra credit on quiz
2nd Place= 7 points extra credit
3rd place= 5 points extra credit

46. Charades
You will get a card with a term/concept that we have been over
You will be asked to act out the word
You can’t make noises
You can’t draw
If you guess someone else’s word, you either get to go up next, or someone can pick you to go up and act out the next word
If you can act out 3 words and the class gets them right, you get extra credit on the Final

47. Start The Social Network
Fill out the question and answer sheet for The Social Network