Lesson on Friday, April 21, 2017

Aim: What is supply?

Bell Ringer: Journal 77 – How did Chenault's decision improve American Express? Do you agree with Chenault's claim that being adaptable to changes is the most important strategy for a successful business?

Objectives: 

1. Students will define supply, demand, quantity supplied, and quantity demanded; graphically illustrate situations that would cause changes in each, and demonstrate how the equilibrium price of a product is determined by the interaction of supply and demand in the market place.

2. Students will graph and explain how firms determine price and output through marginal cost analysis.

Agenda:

1. Bell Ringer (10 min)

2. Profiles in Economics (p. 102) (10 min) - to be completed behind the NTG.

3. Complete Concept Map and Supply note-taking guide presentations. (rest of class)

4. Have students complete the note-taking guide as each group presents their designated topic.

Home Learning: Review your NTG as a study guide for Tuesday's test.