1. AP ECONOMICS: September 11
Learning Target In order to establish a thorough understanding of how a free market economy works, I will analyze market equilibrium. I will know I have it when, on a supply and demand graph, I can draw and explain examples of how a change in equilibrium price and quantity can occur and the impact on the S and D graph.
Warm-up From memory draw three separate S and D graphs showing: (1) market equilibrium; (2) a surplus; and (3) a shortage. --Worksheet 7.5 (HO from yesterday)
--on the back of Worksheet 7.5, draw four S & D graphs showing: (1) an increase in D; (2) a decrease in D; (3) an increase in S; and (4) a decrease in S. Include a hypothetical reason for the shifts and indicate the new equilibrium P and Q on your graphs.
Assignment Review for FRQs & MCT (warm-ups, notes, GC videos, handouts, etc.) Thursday: FRQ #1 (Production Possibilities) & FRQ #2 (Comparative Advantage) Friday: MCT #1