1. Supply

2. Write down three content- based questions that you have for the quiz
Warm Up
Write down three content- based questions that you have for the quiz
Don’t answer your own questions

3. Homework: Complete Study Guide
Write out all notes and relevant material for everything on the study guide

4. Synthesize material from Free Enterprise-Demand
Learning Objectives
Synthesize material from Free Enterprise-Demand
Enhance studying skills
Engage in Collaborative Learning

5. Warm Up Check starting from 8/1
Looking Ahead
Quiz Next Class
Warm Up Check starting from 8/1

6. Switch Warm Ups with a partner Have your partner answer your questions
Pair-Share Warm Ups
Switch Warm Ups with a partner
Have your partner answer your questions
Ask any questions that you might have

7. 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

8. -The group member can’t talk or draw
Charades
-One group member will act out a word
-The group member can’t talk or draw
-The group has 30 seconds to guess the word on the card
-Points will be taken away if a group complains

9. Family Feud: 5 Minutes 5 Groups: Each group is a “family”
I will give each family 3 topics
Each family member has to write down one word that they would associate with each topic
After each family member has contributed a word, each family will make a list of the words they associate with each of the topics

10. Family Feud-Speed Round
After each family has a list written out for each topic, then they will say their topic to the other families
The other families have 30 seconds for each family member to contribute a word before the family shows its list
Each family member’s word will be written down to show the family’s list for the topic
All the families will go at the same time
Be careful not to let the other families hear what your group is thinking and make sure you write down your answer

11. What are the seven basic Free Enterprise Principles and define each
Exit Ticket
What are the seven basic Free Enterprise Principles and define each

12. In-Class Time to Work on Study Guides
Use this in-class time to work on your study guide
If you are all done, please work on your marriage project

13. Prepare to take quiz: everything off your desks
Warm Up
Prepare to take quiz: everything off your desks
Put Warm Ups under desk and have them ready for me to check

14. Homework: Write a Creative Short Story (1-2 Pages)
Imagine that you are a factory owner…you can produce any legal product you want
Write a short story (1-2 pages) that describes what you would do in response to the price of the product rising rapidly
Thesis should focus on how you would respond to the rise in price by increasing, decreasing, or keeping the supply of the product the same
Your body paragraph(s) should explain why you made this decision, how the laws of Supply and Demand are being shown, and how the raise in pricing of the product that you are selling impacted your business plan
Be sure to include Introduction, Conclusion, and body paragraphs

15. Enhance quiz-taking skills Synthesize Free Enterprise- Demand
Learning Objectives
Enhance quiz-taking skills
Synthesize Free Enterprise- Demand
Engage in collaborative learning

16. Quiz: Free Enterprise- Demand
Take Quiz
Quiz: Free Enterprise- Demand

17. Share your Community Service Project with the Class
Prep time: 5 minutes
Remember good Public Speaking skills:
Be engaging
Make eye contact with the audience
Pace yourself: Don’t go too fast or too slow
Be mindful of your body movements
STAY CHILL

18. Chips vs. Candy: Simulating Supply and Demand
Each consumer has $10.00
One producer is selling Chips and they have 20 bags
One producer is selling Candy and they have 20 pieces (3 pieces for each consumer)
Each producer will set their own prices for the product they are selling based on the Demand for the product
You have to keep track of how many products are sold at each price because after selling the goods, everyone will create an Individual and Market Demand Schedule for each product
HINT: Market Demand Schedule for this simulation=Brentwood/Disco Bay
Population of Brentwood/Disco Bay: circa 75,000

19. Analyzing the Simulation
How did this simulation simulate the impact of demand in economics?
What did this simulation show about the impact of supply in economics?
What does this simulation show about how ethical questions are brought into economics?
How are Individual and Market Demand Schedules helpful for producers?
What other factors need to be considered in this simulation?

20. Self-Reflection: In-class writing assignment (2 Pages)
Why are following the Class Norms important?
What happens when the Class Norms aren’t followed?
Why do some people think that the Class Norms are a joke?
How do you think Mr. Rosenberg feels when the class isn’t functioning?
What can you do better to help this class become more functional?
What can your classmates do to help this class become more functional?

21. Warm Up
Identify one thing that our simulation of Granola Bars vs. Candy showed us about Supply and Demand. Explain in one sentence how the simulation showed us this

22. Homework: Write a Creative Short Story (1-2 pages)
Imagine that you are a factory owner…you can produce any legal product you want
Write a short story (1-2 pages) that describes what you would do in response to the price of the product rising rapidly
Thesis should focus on how you would respond to the rise in price by increasing, decreasing, or keeping the supply of the product the same
Your body paragraph(s) should explain why you made this decision, how the laws of Supply and Demand are being shown, and how the raise in pricing of the product that you are selling impacted your business plan
Be sure to include Introduction, Conclusion, and body paragraphs

23. Interpret Supply Vocabulary
Learning Objectives
Interpret Supply Vocabulary
Analyze case studies that demonstrate the Law of Supply
Engage in Creative Expression

24. Supply Vocabulary Supply: The amount of goods available
Law of Supply: Producers of a good will increase the supply of a good if the price of the good rises
Supply Schedule: The relationship between price and quantity supplied for a specific good
Variables: Factors that can change
Market Supply Schedule: A chart that lists how much of a good all suppliers will offer at different prices

25. Textbook Example of Individual Supply Schedule

26. Textbook Example of Market Supply Schedule

27. Check for Understanding
How does the demand for a good impact the supply of a good?
How does the supply for a good impact the demand of a good?
Can you think of a product whose supply increased due to the demand increasing?
What variables do you think play a role in determining the supply of a good?

28. Blood Diamond https://www.youtube.com/watch?v=5m2LQPHTJXY
Is the Law of Supply being shown in this clip? Why or why not?
What does this tell you about the supply choices a producer can make when the price of their product increases?
What are the variables that are included in the supply and demand for Blood Diamonds?
How are ethical questions raised in this scene pertaining to the supply and demand of Blood Diamonds?

29. Indiana Jones: Supply and Demand Explained
In the scene where Indiana Jones was selling the diamond to the buyer, was the Law of Supply shown? Why or why not?
Do you think that Indiana Jones was doing the right thing by increasing the price? Why or why not?
In the Pet Snakes example, what is he saying about what happens to the price of a good when the supply increases? What is this saying about how Demand is impacted by pricing?
What is the difference between the Supply Curve and the Demand Curve?
How is a Shortage and a Surplus created?
What is equilibrium in Supply and Demand?

30. Journal 6: Blockbuster stresses Buying over Renting
What is the new business strategy for Blockbuster and how does this demonstrate the Law of Supply?
Who became the new competitors for Blockbuster and how did these new competitors create problems for Blockbuster?
What does this article say about the importance for businesses/companies to focus on consumer and technological trends?
In 2004, Blockbuster had about 9,000 stores. In 2016, they have 11 stores. What did Blockbuster do wrong and what would you have done differently if you were the owner of Blockbuster

31. Warm Up
What businesses or companies do your predict will be out of business in 20 years from now? Why do you think this?

32. Homework: Write a Creative Short Story (1-2 Pages)
Imagine that you are a factory owner…you can produce any legal product you want
Write a short story (1-2 pages) that describes what you would do in response to the price of the product rising rapidly
Thesis should focus on how you would respond to the rise in price by increasing, decreasing, or keeping the supply of the product the same
Your body paragraph(s) should explain why you made this decision, how the laws of Supply and Demand are being shown, and how the raise in pricing of the product that you are selling impacted your business plan
Be sure to include Introduction, Conclusion, and body paragraphs

33. Synthesize how Elasticity impacts Supply
Learning Objectives
Synthesize how Elasticity impacts Supply
Interpret the difference between Individual and Market Supply Schedules
Analyze how the Costs of Production play a role in Supply

34. Music, Clothing, and Entertainment Industries
While watching the videos from the 70’s, 80’s, 90’s and modern day, jot down some notes about what type of music, clothing, or entertainment trends you are seeing
How do these videos show the Law of Supply impacting the music and clothing industries?
How does Demand impact Supply when it comes to music and clothing?
(Saturday Night Fever)
(Toto, Africa)
Fresh Prince of Bel Air
(Good Charlotte)
(Deadmau5)

35. Creative Expression Show the Law of Supply through imagery
Draw at least 5 images
Write 1-2 sentences on how your images demonstrate the Law of Supply
Hints:
Consumer Trends
Symbols
Entertainment
Popular Culture
People

36. Brainstorming
Identify three factors that impact the Supply of a product and explain in one sentence how each impacts supply

37. Retaining Material What does it mean for something to be elastic?
What does it mean for something to be inelastic?
How does elasticity impact demand?
How would this impact the supply of a product?
What is an Individual Demand Schedule?
What is a Market Demand Schedule?
What is an Individual and Market Supply Schedule?

38. Elasticity of Supply-Check for Understanding
Elasticity of Supply: A measure of the way quantity supplied reacts to a change in price
How is this different from Elasticity of Demand?
If supply is elastic, will there be a small or big reaction to an increase in price?
If supply is inelastic, will there be a small or big reaction to an increase in price?

39. Create a Market and Individual Supply Schedule
Based on the product that you are selling for homework, create an Individual Supply Schedule and a Market Supply Schedule
Your Market Supply Schedule is 1000x bigger than your Individual Supply Schedule
Under your schedules, explain how these charts help you (the factory owner) to make decisions about how to price your product in order to maximize your profits (2-3 sentences)

40. Individual and Supply Curves
Individual Supply Curve: Graph that shows the quantity of the product sold at different prices for individual suppliers
Market Supply Curve: Graph that shows the quantity of the product sold at different prices for all suppliers in the market
Create an Individual and Market Supply Curve on the back of your paper for your product, based on your Individual and Market Supply Schedule that you wrote out

41. Individual and Market Supply Curves in the Textbook (pg. 105)

42. Transitioning: Costs of Production
How is McDonalds able to sell a burger for about $5.50 while at Dad’s Cafe, a burger costs about $9.00?
How does McDonalds know how much food to produce each day?
If you buy a burger from Dad’s Café for $9.00, is their profit $9.00? If not, how would you go about determining their profit?

43. Costs of Production
Identify 3 things that most producers have to pay for in order to make their product
Combine your list with a partner, and between the two of you, decide upon which Cost of Production is the most impactful on the Producer
As a class, we will make a list of the different Costs of Production that a producer must consider and decide which is most important

44. Costs of Production: Labor and Output
Marginal (Economic Terms): Additional
Marginal Product of Labor: Change in output from hiring one more laborer
Increasing Marginal Returns: Level of production which the marginal product of labor increases as number of laborers increases
Diminishing Marginal Returns: Level of production in which the marginal product of labor decreases as the number of workers increases

45. What is a Diminishing Marginal Return?
Warm Up
What is a Diminishing Marginal Return?
If a producer has a Diminishing Marginal Return, what should the producer do?

46. Analyze Supply Vocabulary
Learning Objectives
Analyze Supply Vocabulary
Interpret how Ethics impacts Supply and Demand
Build Connections to your life

47. Office Space https://www.youtube.com/watch?v=hNuu9CpdjIo
Do you think the bosses were being ethical? Why or why not?
Do you think that there is such a thing as “people skills”? Why or why not?
How valuable are “people skills” in the workforce?
Is this an example of Increasing or Diminishing Marginal Returns? Why?

48. Downsizing Discussion
Downsizing: Process of making (a company or organization) smaller by eliminating staff positions.
What ethical or financial obligations should employers/owners/bosses have for their employees?
What are the advantages of treating your employees well and giving them job security? Can there be disadvantages of treating your employees well and giving them job security?
How would you feel if you were the employer and you had to fire somebody? What does this tell you about being your own boss?
When someone gets downsized, what can their reactions be like?

49. Up in the Air: People’s reactions to getting fired
Do you think the employee’s reactions are justified?
Why would someone take the job that George Clooney has?
What do you think George Clooney meant when he said to Zach G. “Anybody who ever built an empire or changed the world sat where you are right now”?
Do you think there is legitimacy to this quote or do you think he was just trying to make him feel better?

50. Check For Understanding
What real-life examples can you think of in which there has been a diminishing marginal return?
What real-life examples can you think of in which there has been an increasing marginal return?

51. Brainstorming
Identify two ways in which ethical questions have been brought up in Supply and Demand