The Big Idea: Economists look at a variety of factors to assess the growth and performance of a nation's economy.
Why It Matters: Economists use an array of tools to evaluate the performance of the American economy. You will learn about GDP, the consumer price index, and other economic indicators. |
![Picture](/uploads/4/6/9/3/46937365/__________________7304038.png)
Content Vocabulary:
Section 1:
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Section 2:
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Section 3:
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Section 4:
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Section 1: demand
Section Preview: Learn about the Law of Demand and how it affects choices you make.
Focus: Daily Focus Transparency
Graphic Organizer: To list characteristics of demand
Issues in the News: The Demand Factor
Notes:
Cornell Notes (PDF)
Cornell Notes (DOC)
PowerPoint Presentation
Articles:
Finance: Gaining Interest
One Nation - Subsidized
Charts, Maps, and Tables:
Writing:
Focus: Daily Focus Transparency
Graphic Organizer: To list characteristics of demand
Issues in the News: The Demand Factor
Notes:
Cornell Notes (PDF)
Cornell Notes (DOC)
PowerPoint Presentation
Articles:
Finance: Gaining Interest
One Nation - Subsidized
Charts, Maps, and Tables:
- Figure 7.1: Examples of Markets
- Figure 7.2: The Law of Demand
- Real Income Effect
- Diminishing Marginal Utility
- Guided Reading Activities
- Reading Essential and NoteTaking Guide
- Critical Thinking Activity: Cause and Effect In A Market Economy
- Economic Cartoons: I Demand
- Free Enterprise Activities: Needs, Wants, Marketers
- Section 1 Review
Writing:
- Narrative Writing: Please think of a specific product that dropped in price significantly over a period of time. Write a paragraph that describers the product, specifies how much the price dropped, and explains why the price dropped.
- Persuasive Writing: Please think of another set of products that could be considered substitutes. Then create an advertisement perusing consumers to purchase one of the products rather than the other, regardless of price.
- Persuasive Writing: From a seller's point of view, write a persuasive flyer about a luxury item that was recently put on sale, as a flat-screen TV. The purpose of the flyer should be to persuade buyers that they need the item in order to offset the real income effect of an increase in the amount of money spent on energy,
Section 2: the demand curve and elasticity of demand
Section Preview: Learn more about the relationship between price and demand
Focus: Daily Focus Transparency
Graphic Organizer: listing the factors that contribute to the elasticity of demand for a good or service.
Issues in the News: Harley's record profit fails to impress
Notes:
Cornell Notes (PDF)
Cornell Notes (DOC)
PowerPoint Presentation
Charts, Maps, and Tables:
Assignments:
Writing:
Focus: Daily Focus Transparency
Graphic Organizer: listing the factors that contribute to the elasticity of demand for a good or service.
Issues in the News: Harley's record profit fails to impress
Notes:
Cornell Notes (PDF)
Cornell Notes (DOC)
PowerPoint Presentation
Charts, Maps, and Tables:
- Figure 7.3: Graphing the Demand Curve
- Figure 7.4: Demand vs. Quantity Demanded
- Figure 7.5: Elasticity of Demand
- Elastic Demand vs. Inelastic Demand
- What Affects Demand Elasticity?
- Changes in Population
- Changes in Income
- If Preferences Change
- If Price of Complementary Decreases
- If Price of Substitutes Decreases
Assignments:
- Guided Reading Activities
- Reading Essential and NoteTaking Guide
- Critical Thinking Activity: Making Predictions About Consumer Demand
- Section 2 Review
Writing:
- Expository Writing: Please write a paragraph describing what you think would happen to the demand for milk if the price of milk increased dramatically over a short period of time.
- Expository Writing: Compare how the demand for chalk and the demand for streamers would change at your school if the price of both dramatically increased.
section 3: the law of supply and the supply curve
Section Preview: Learn more about the relationship between price and supply
Focus: Daily Focus Transparency
Graphic Organizer: Compare the determinants of supply and demand
Issues in the News: Secret Supply
Notes:
Cornell Notes (PDF)
Cornell Notes (DOC)
PowerPoint Presentation
Charts, Maps, and Tables:
Assignments:
Writing:
Focus: Daily Focus Transparency
Graphic Organizer: Compare the determinants of supply and demand
Issues in the News: Secret Supply
Notes:
Cornell Notes (PDF)
Cornell Notes (DOC)
PowerPoint Presentation
Charts, Maps, and Tables:
- Figure 7.6: The Law of Supply
- Figure 7.7: Graphing the Supply Curve (Animation)
- Figure 7.8: Supply vs. Quantity Supplied
- Figure 7.9: Diminishing Returns
Assignments:
- Guided Reading Activities
- Reading Essential and NoteTaking Guide
- Primary and Secondary Source Reading: Appetite for Destruction
- Math Practice for Economics: Applying the Law of Supply
- Economics Forms and Financial Pages: X-Y Axis Line Graph using the figure 7.9
- Critical Thinking Activities: Supply of Hogs
- Section 3 Review
Writing:
- Expository Writing: Please write a paragraph from your point of view when the price of a pair of sneakers goes up to 1000 a pair. Explaining your point of view of a sneaker manufacturer why you is choosing to supply more sneakers.
- Descriptive Writing: Please research the advances in either computer technology or music-listening technology over the past 20 years. Write a brief report detailing and describing those changes. It should include speculation about how these technological changes have impacted prices and demand of their chosen technology
section 4: putting supply and demand together
Section Preview: Learn about how supply and demand interact to affect prices and about restrictions the government sometimes places on this process.
Focus: Daily Focus Transparency
Graphic Organizer: Venn Diagram to define each of the economic terms listed (Shortage - Equilibrium - Surplus)
Issues in the News: Seeking a Balance
Notes:
Cornell Notes (PDF)
Cornell Notes (DOC)
PowerPoint Presentation
Charts, Maps, and Tables:
Assignments:
Writing:
Focus: Daily Focus Transparency
Graphic Organizer: Venn Diagram to define each of the economic terms listed (Shortage - Equilibrium - Surplus)
Issues in the News: Seeking a Balance
Notes:
Cornell Notes (PDF)
Cornell Notes (DOC)
PowerPoint Presentation
Charts, Maps, and Tables:
- Figure 7.10: Equilibrium Price
- Figure 7.11: Change in Equilibrium Price
- Figure 7.12: Shortages and Surpluses
- Figure 7.13: Price Ceilings and Price Floors
Assignments:
- Guided Reading Activities
- Reading Essential and NoteTaking Guide
- Critical Thinking Activities: Comparing Rationing and The Price System
- EbnrEnEnrichEnrichment Activity: Demand and Supply
- Section 4 Review
Writing:
- Expository Writing: Please write definitions of the terms shortages, surpluses, and market forces in your own words and provide at least two examples of each using your own experiences or observations.
- Descriptive Writing: Please stud Graph A of Figure 7.13 and write a detailed explanation of the purpose of the graph, what is being measured, the number range used, and the graph's findings. Then write a similar explanation for Graph B.
- Informative Writing: From the point of view of a political candidate, write a short radio address about your plan to stop the increasing costs of electricity. Explain how and why your plan will work.
Summary
People and Perspectives: Steven Levitt
Visual Summary: Chapter 7
Assessment and Activities
BusinessWeek Spotlight on the Economy: It's a What?
Economics and Culture: Why are the salaries of professional sports stars so high?
Visual Summary: Chapter 7
Assessment and Activities
BusinessWeek Spotlight on the Economy: It's a What?
Economics and Culture: Why are the salaries of professional sports stars so high?