Aim: How can the supply curve be used as a "tool" for studying markets?
Bell Ringer: Journal 27 – What is causing the supply of organic products to fall short of meeting the demand? What changes need to take place for the supply or organic products to increase? (Use "Case Study" to answer the questions.
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. Case Study on page 126
3. 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: Read "Profiles in Economics" on page 131
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