1. ECONOMICS: February 9
Warm-up: What is the relationship between P and quantity supplied? What is the relationship between P and quantity demanded? Why the difference?
Learning Target #1:
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 from yesterday) --profit motive
--elastic vs. inelastic S definitions
--S elasticity graphs Learning Target #2 In order to understand the concept of S, I will explore the factors that cause a change in S. I will know I have it when, given various scenarios, I can accurately differentiate between a change in Qs and a change in S on a S graph. Ch. 5, Lesson 1 (Day 2) Student Lecture Guide (HO) --change is Qs graph review
--begin analyzing the S curve shifters
Closure: Why is it important for businesses to be aware of the D and S elasticity for the product they are selling?
Assignment: read Chapter 5, Lessons 2 and 3