Aim: If prices act as "signals," do we all react to the signals in exactly the same way?
Bell Ringer: Read 'CASE STUDY: I Bought It on eBay'
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 (5 min)
2. Analyzing the Impact (p. 147) (5 min)
3. Review the main points of Section 2. (10 min)
Home Learning:
1. Section 2 Review #s 2, 3, and 6
2. Journal 31 – What will happen to the price you pay for the concert tickets if a popular group has to move its show to a smaller facility? Why?
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