1. AP ECONOMICS: August 26
Sign up for AP Macro Classroom from College Board
Join Codes (use your college board account—apstudents.collegeboard.org) 2nd--EAREVX; 3rd—EQ3W66; 6th—X76Z7Q; 7th—4A2947
Learning Target In order to understand why people and countries specialize and trade, I will learn about terms of trade. I will know I have it when I can apply the principle of comparative advantage to determine the basis on which mutually advantageous trade can take place between individuals and/or countries.
Warm-up Opportunity Cost
Discuss Act. 1-3 (#2 & #4) with desk partners (HO from earlier)
Read last 3 paragraphs on p. 17 on Terms of trade from earlier HO Learning Target In order to establish a thorough understanding of the workings of a free market economy, I will learn the principles of demand. I will know I have it when I can: (1) create a demand curve from a demand schedule; (2) show what happens on the demand graph due to changes in price; (3) differentiate between a change in quantity demanded vs. a change in demand; and (4) accurately shift demand curves given various demand curve shift scenarios. Module 5 (Demand) preview Change in Demand vs. Change in Quantity Demanded
Assignment Read Module 5—memorize the factors that shift demand!