2. What reading strategy do you find the most confusing to use or difficult to understand? Even if you do know which one would you like to see me model?
Re-read word or sentences
Mentally visualize confusing words
Use context clues
Relate text to life
Read titles and headings
Trace around sentences to find important parts

4. BellWork
What reading strategy do you find the most confusing to use or difficult to understand? Even if you do know which one would you like to see me model? Explain and I will help shortly

5. QUestion
What is one thing you would change about “school”. Don’t think just about Dearborn HS in general but schooling as a system. Describe an additional thing our schooling system does well.

6. BellWork
If the price of their product/service goes up, will a business make more of that product or less? Explain

7. Unit 4: Supply
Standard 1.3.1

8. The Law of Supply
Law of Supply: Businesses will offer more of a good at a higher prices (want to make more $$)
Price
As price increases…
Supply
Quantity supplied increases
Price
As price falls…
Supply
Quantity supplied falls 8

9. h h The Higher the Price The more suppliers will make of it
Law of Supply
Definition: Price and Quantity supplied move in the same direction.
Price Quantity
Goes Supplied
h h
The Higher the Price The more suppliers will make of it

10. i i The Lower the Price. The Less suppliers will make of it
Law of Supply
Definition: Price and Quantity supplied move in the same direction.
Price Quantity
Goes Supplied
i i
The Lower the Price. The Less suppliers will make of it

11. 1

12. Supply
Supply: the quantity of goods and services that producers are willing to offer at different prices
Quantity Supplied: Amount of good or service that a producer is willing to sell at each price

13. Agenda Econ Voter Supply Activity Graphing Supply/Demand
Objective: I can describe the law of supply using examples
Language Objective: I can read and discuss the law of supply using examples
HW:
Voter Supply Activity
Graphing Supply/Demand

14. Define the law of supply and law of demand
Bellwork
Define the law of supply and law of demand
What economic system is about government control?

15. Market Supply Curve: a graph showing the various quantity supplied at all possible prices

16. Determinates of Supply
Just like Demand, Supply also has Determinates.
The Curve moves Right if Supply Increases and Left if Supply Decreases
Businesses use this following info to make decisions about what to make

17. 1. Cost of Production
The cost of inputs needed to make a product. (Raw Materials & Labor) Costs $ go up = Supply Goes Down Costs $ go down = Supply Goes Up

18. 2. NUMBER OF SELLERS IN THE INDUSTRY
The Number of suppliers/sellers in a given Industry More Suppliers = More Supply Less Suppliers = Less Supply

19. 3.Taxes/Government Regulation
Government imposed taxes on Goods or Services can make the production of goods more expensive. More Taxes = Less Supply Less Taxes = More Supply

20. 4. Technology
Technology can help make goods faster and cheaper Better Technology = More Supply Worse Technology = Less Supply

21. Which direction does the Supply Curve Move?
Situation:
Due to the recent down turn of the Economy, a number of car manufacturers are no longer in business anymore.
What effect will this have on the supply of Cars?
What determinate are we using?
NUMBER OF SELLERS
What direction will the Supply Curve move?:
LEFT

22. Which direction does the Supply Curve Move?
Situation: The Government has just decided to lower the taxes on the purchase of all electric cars. What effect will this have on the supply of electric Cars? What determinate are we using? TAXES What direction will the Supply Curve move? RIGHT

23. Objective / HW
Objective: I can describe and analyze the determinants of supply and how they shift a supply curve
Language Objective: I can read and discuss how the determinants of supply shift a supply curve
HW:
Supply Headlines
Graphing Supply

24. Explain what the 4 determinants of demand are…
Do Now
Explain what the 4 determinants of demand are…
What is the law of supply as prices go up supply…

25. Supply and Demand Simulation
Day 1

26. The Price System
Standard 1.3.3

27. The Price System Price is the language of economics
The interaction of supply and demand determines the equilibrium price
This equilibrium price is the compromise we live by everyday
ps/cse-1-4-stossel-2011-economics-of-voluntary-1/view

28. Market Equilibrium – Perfection!!!!
Market Equilibrium is when quantity supplied and quantity demanded are equal
– Perfection!!!!
Supply curve and demand curve intersect

29. Where does Equilibrium Occur on this chart?
At what price does equilibrium occur? How do we know again?

30. Supply-Demand Market Equilibrium
$500
Price per Xbox 360
450
400 E
350
300 g
250 D
200 S 30
40 50 90
Quantity
in Billions of Xbox 360 per Year

31. Shortage: “Not Enough!!”
With shortages, price tends to rise until equilibrium is restored
Things that might happen…
- Black markets
- Rationing
- Violence

32. Surplus: “Having too much”
With surpluses, prices tend to fall until equilibrium is restored
Things that might happen…
- Little re-sale value
- Lack of consumer interest

33. Managing Prices
Sometimes Governments set prices to protect producers and consumers
Price Ceiling: Government action that establishes a maximum price for a certain good
Price Floor: Government action that establishes a minimum level of prices.
Anything below it illegal

34. Please Sketch

35. Price Floor Example
An important example of a price floor is the minimum wage
Minimum Wage: the lowest allowed by the law in a state or country
A business cannot pay an employee lower than what the federal gov’t says (illegal)

37. Minimum Wage Current Events
wage?utm_expid= orh-8EtwQu-dGtoBaX9aiA.0
fast-food-wage-protesters-block-mack-avenue
bama-on-raising-the-minimum-wage.html
Michigan's minimum wage is currently $8.50 and hour and due to go up
map/

38. Objective / HW
Objective: I can identify & describe the conditions where equilibrium take place
Language Objective: I can read and discuss equilibrium in relation to a demand/supply curve
HW:
Market Clearing Price Assignment
Minimum Wage Pro-Con Article

39. Bellwork
Describe the concept of equilibrium

40. We the Economy
Supply and Dance Man!

41. Hw The Office Video Review for Supply
Price Floor And Ceiling Assignment

42. Review Guide Law of Supply Definition / Examples
Describe and apply the Determinants of Supply
Identify and describe equilibrium
What is a supply curve? Trace price and quantity supplied on the curve