Groups are back!!!!!!!!!!!!!!!

Try to sit somewhere new

April 12

Each day 1 person from each group is responsible for keeping track of what is done in class.

Write down the date and initial beside the date.

If there is a warm-up please copy it down. If an assignment is given during class

please write it down. If there is a major point of emphasis please

write it down. If homework is assigned please copy it

down.

Group Notebook

Briefly review yesterday’s topics. Discuss study guide pages 21-22 Cover text activities pages 33, 35, and 37 Homework read and annotate pgs. 38-45

Objectives:◦ Explain the role that price plays in a market/mixed

economy.◦ Define demand and describe how it illustrates the

price effect.◦ Explain why people buy more of something at lower

prices and less at higher price.

12 April

Law of Demand

Inverse relationship: Always negative slopping. Price (P) is always on the Y-axis and Quantity (Q) is always on the X-axis

Buying Power:

Diminishing personal value:

Diminishing marginal utility:

Availability of substitutes:

4 factors that help to explain price effect

Define:

Example:

Buying Power

Define:

Example:

Diminishing personal value

Define:

Example:

Diminishing marginal utility

Define:

Examples:

Substitutes