1. ECONOMICS: September 24
Warm-up Explain the difference between elastic demand and inelastic demand.
Learning Target:
In order to understand the concept of supply (S), I will analyze the purpose behind the profit motive and the causes of S elasticity. I will know I have it when I can accurately depict elastic S and inelastic S on a S graph and can explain the determinants of S elasticity. Ch. 5, Lesson 1 (Day 1) Student Lecture Guide (HO) --basic terminology --S schedule and S curve
--changes in quantity supplied due to a change in price --profit motive
--elastic vs. inelastic S definitions
--S elasticity graphs
--S elasticity determinants Closure
Why is it important for businesses to be aware of the D and S elasticity for the product they are selling?
Assignment
Read Ch. 5, Lesson 1