Week 5, Syllabus

Mr. Ditzenberger-Economics
Lessons: Demand and Supply Time: Week 5, Feb 11-15 Unit: How Markets Work
Objectives:
1. Students will apply the fundamental concepts of supply and demand to realistic scenarios.
2. Students will respond to the basic factors of elasticity.
3. Students will list the different components and implications of the law of supply.
4. Students will analyze how global changes influence supply.

Monday
1. The substitution and income effect. Read and study these two subsections. Give an example of each one to someone sitting next to them. Continue by reading Demand Schedule and Demand Graph subsections.
2. Students make a demand schedule and then a demand (personal and market) curve based on a product that students choose. They then show it to someone else in their group to see if it follows the same principles.
3. What factors, besides price, could change the demand curve? –read “What Causes a Shift?”-page 86.
5. Read section 2, Shifts of the demand curve-complete Key Terms and Main Ideas on page 88.
6. Read Learn to Earn 55-70. Quiz on Friday.

Tuesday
1. Guided reading, section 3. Students will answer two questions about each red section (Calculating Elasticity, Factors Affecting Elasticity, Elasticity and Revenue. Answer questions 9-16 for homework on page 99.
2. Read article-Shift in Demand because of Population-Korean wine consumption
for homework if necessary.

Wednesday
1. Law of Supply-lecture.
2. Read Costs of Production section. Define the key terms on page 108. Write a sentence using the term that fits its meaning.

Thursday
1. Discussion of Game (15 min)
2. Do companies have a financial, legal, or ethical obligation to their workers? (This question fits under variable costs)
3. Read and discuss Section 2.

Friday
1. Factors of Supply-rising costs, technology, subsidies, taxes, regulation.
2. How can global changes affect supply?
-future expectation of prices, number of suppliers, location of suppliers (example of Dell computers in “The World is Flat”).
3. Chapter 5 test-mna-2051 open book.