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DAILY AGENDA 11/30ECONOMICS KEY

TERMS1. Economics2. need3. want4. law of scarcity5. producer6. consumer7. factors of production8. supply

demandlaw of supplylaw of demandpriceequilibrium pointsurplusshortageEconomic interdependence

Economics unit starts on page 460. Due Friday 12/3

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SWhat is “The

Economy”

The Economy is the interaction between Producers and Consumers

Producer: Those who make or manufacture goods or services to sell.

ConsumerA person who buys or rents goods or services.

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Bellwork

Open notebooks and date 12/13

Copy down the following questions in your notes, skipping a line between each.

1. What are the two main types of economies? Command(Communism) and Free Market(Capitalism)

2. What is the difference between them? Economic decisions are made by the government vs. the free interaction between producers and consumers.

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SBELLWORK 12/12

DATE NOTEBOOKS AND COPY BELOW

ECONOMIC SPECTRUM

More

Communism(Command Economy)

Government Interference

Less

Capitalism(Free Market)

Socialism

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S Government Interference in free market

DAILY AGENDA 12/15

How: Taxes Tariff LawsPrice Ceiling Price floor Patents

Why: Protection of:•Defense, S.S, govt. programs, etc.•American Products•the environment•People/Jobs•Innovation/Technology

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What is Land?

What is Labor?

What is Capital?

What is Management?Reading 4 p. 469

What do we have to work with?

Bellwork 12/8: Open your notebooks, date them 12/8 and copy down the following 4 questions skipping a line

between each.

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SBig Question

How do Producers(suppliers) set the price for their good or service?

A: Price is determined by demand. Initial price is set by competition and factors of Production

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SOpen your notebooks and date them 12/9

Answer the following question:

What information do producers use to set their initial prices?

A: Competition, Factors of Production

DAILY AGENDA 12/9

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SParagraph 1

A summary about the article that you just read. Include the 5 W’s

in your summary. (5-7 Sentences)

Paragraph 2

Your opinion or reaction to the article. (5-7 Sentences)

Include 1 or 2 lessons you could learn from this article.

 

Be sure to include the following key terms in your two paragraphs (definitions are in visual vocab sheets):

Supply

Demand

Producer

Consumer

Scarce

DAILY AGENDA 12/10

CURRENT EVENTS

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Bellwork

Open notebooks and date 12/13

1. How is price determined in a free market economy? Price is determined by how much producers are willing to produce and how much consumers are willing to consume.(Law of Supply/Law of Demand)

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S o How does scarcity influence the decisions people make?

o What is the difference between a need and a want?

o How does Opportunity Cost and the Law of Scarcity effect decision making?

o Where do different economies fall on the economic spectrum?

ESSENTIAL QUESTIONS

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affect price in a market economy?o Why is economic interdependence an important concept in today’s world economy?

ESSENTIAL QUESTIONS

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Bellwork

Open notebooks and date 1/2/13

1. Open notebook, date them CORRECTLY, and discuss with neighbor your break.

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Bellwork

Open notebooks and date 1/3/13

Open notebook, date them CORRECTLY. Answer the following questions in your notebooks

• As a middle school student, are you economically interdependent on anyone? If so who and how?

• As a community(Chester County) are we economically interdependent on anyone? Who and how?

• As a nation are we economically interdependent on anyone? Who and how?

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Working with Supply/Demand

Use the supply/demand schedule to create a graph and plot both the supply and demand curve. Be sure to label both curves as well as the X and Y axis. In addition label the equilibrium point on the graph. The approximate equilibrium price of Gap Jeans is ______________.

Supply/Demand ScheduleFor Gap Jeans

  Quantity QuantityPrice Supplied Demanded$60 150 20$40 120 40 $20 80 80$10 20 100 $5 10 200