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 29 – 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. Complete the note-taking guide (Prices and Decision Making) using the textbook (McGraw-Hill Economics Principles and Practices pp. 142-167) (rest of class)
Home Learning:
1. Section 1 Review / Questions 3 and 5
2. Journal 30 – 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.
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