This week in class, we finished off supply and then magically brought the worlds of supply and demand together. We began the week finishing off how supply is affected by price and changes in the supply curve. We finished the week by doing an activity to help explain where prices really come from and how we derive equilibrium. After that, we learned about price floors and ceilings and we learned a valuable lesson about sweatshops and poverty.
Suggested Reading: Textbook pgs. 100-106 (supply) & pgs. 124-144 (Equilibrium)
Week #8 Vocabulary:
- Supply curve
- Supply schedule
- Determinates of Supply
- Elasticity of Supply
- Equilibrium
- Equilibrium Price
- Equilibrium Quantity
- Price Floor
- Surplus
- Price Ceiling
- Shortage
This week your blog post/homework is due by Sunday at midnight. Please complete your blog as a new post in the following fashion, labeling it as Week 9
- Paragraph 1: A thorough summary of our learning this week in class.
- Paragraph 2: Please answer the following question - If you've ever played the board game "Monopoly," what is your strategy for winning?
- Paragraph 3: Please feel free to ask questions regarding the class here.
Week #9 Attachments:
Notes on Equilibrium
Price Floors and Ceilings PPT