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Take out Assignment 4: Phocab. for stamp.

Also take out car paper and turn in.

What will we learn today?What will we learn today?12.2.5 Understand the process by which competition among buyers and sellers determines a market price.12.2.6 Describe the effect of price controls on buyers and sellers.

Unit: Market StructuresUnit: Market StructuresDay 1Day 1

A fad is an item or idea that is temporarily popular.

What is an example of a current fad? Do you like the fad or do you think it is stupid? Do you think it is a fad that will last a long time or be gone in a couple years?

Car Shopping

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Year Model Make Color Mileage Cost Used/ New?

Website

Example2001 Ford Mustang Black 59,000 mi $9900 Used Autotrader.com

#1#2#3

Phocabulary Art ShowSpillover costs (pg. 144)Black market (pg. 142)Rationing (pg. 141)Supply shock (pg. 141)Search costs (pg. 136)Minimum wage (pg. 130)Rent control (pg. 129)Excess supply (pg. 128)Excess demand (pg. 126)Equilibrium point (pg. 125)

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Word and definitionon the left.

Picture on theright.

Assignment 5: 7.1 Perfect Competition Read Along (Front and Back)Open your book to page 151.

Objectives: Describe four conditions that are in place in a

perfectly competitive market.List two common barriers that prevent firms

from entering a marketDescribe prices and output in a perfectly

competitive market.4

FrontNotes

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BackPg. 154, 1 - 5

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6.1 + 6.3 Indie QuizYou will work independently to answer

questions regarding 6.1 and 6.3.I will treat this as a test. Any talking is

unacceptable.

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Assignment 6:Used Car Interest RatesWrite down these directions in your

notebook.Google the phrase “used car interest rates”Get me three examples of bank interest rates

for used cars for 48 month loans.

Here is an example of what your paper might look like:

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Bankrate.com

Interest.com Eloan.com

X.X% X.X% X.X%