Lesson on Wednesday, April 26, 2017

Aim: If prices act as "signals," do we all react to the signals in exactly the same way?

Bell Ringer: Grade & review previous test.

Objectives:
1. Students will explain ways firms engage in price and nonprice competition.
2. 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.

Agenda:
1. Bell Ringer (10 min)
2. Brainpop: Comparing Prices
3. Journal 78 – As you read section 1, complete a graphic organizer similar to the one below by explaining the advantages of prices.
4. Read on page 143 "Products in the News" and intro to the chapter. (5 min)
5. Assign sections
6. Have students complete the note-taking guide (Prices and Decision Making) using their textbook (McGraw-Hill Economics Principles and Practices pp. 142-167), online resources, or class notes as appropriate. Teachers may want to guide students through completing the notes, have students work in small groups, or independently. (rest of class)

Home Learning: Section 1 Review / Questions 3 and 5 

Journal 79 – Assume that there is a gasoline shortage and your state has imposed rationing. Write a paragraph about how this might affect you, your family, and your community.