1. ECONOMICS: September 22
Warm-up: Graph how the following D Headlines will affect the D curve. (1) Average wages decline for workers around the country. How will this impact the D for movie tickets? (2) 1970s styles become popular with high school students. How will this impact the D for disco music CDs? Learning Target #1 In order to better understand consumer D, I will explore the concept of D elasticity. I will know I have it when I can explain elastic and inelastic D by analyzing the determinants of D elasticity. Conclude 4-3 Lecture Guide (HO from earlier) --elasticity determinants Learning Target #2
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 on a S graph: (1) the relationship between P and Qs; (2) elastic S and inelastic S; and (3) can explain the determinants of S elasticity.
See 5-1 (Day 1) Student Lecture Guide (HO) --basic terminology; S schedule and S curve; profit motive; elastic vs. inelastic S definitions, and graphs Closure: Why is it important for businesses to be aware of the D elasticity for the product they are selling?
Assignment: read Chapter 5, Lessons 2 & 3