Exam and Notebook check today

Supply and Demand Review Sheet #2

Exam Tomorrow and notebook check!

Notebook Check
1. Concept Map
2. Supply/Demand Shifts
3. Elasticity Questions
4.Elasticity Worksheet
5. Big Apple Game
6. Review Questions

SUPPLY AND DEMAND REVIEW

1.        Explain the law of supply using a graph on the your paper

2.        Explain the law of Demand using a graph on your paper

3.        What is an inelastic good? Explain why it is inelastic

4.        What conditions lead to a surplus?

5.        What is an elastic good?  Give an example.

6. What is the point called where supply and demand intersect?

7. Graph an increase in demand and a decrease in supply

8. Explain how the “price of inputs” affects supply

9. Explain how demand changes due to the income effect

10. Explain how demand is affected by the complementary effect.

11. What is a demand schedule?

12.     Goods that have no substitute are what types of demand?

13. Name 4 reasons why supply changes

14. What happens to price if there is a decrease in supply?

15. What happens to price if there is an increase in supply and a decrease in demand?

16.     What 4 things will cause a demand curve to shift?

17.     How can future price affect current demand?

18.     How is elasticity determined?

19.     What is a price floor?  Give an example.

20.     What is a price ceiling?  Why would the government implement this?

Graph the change that would take place for each of the following scenarios.

21.     There is an expectation of higher future prices of all goods for consumers.

22.     Incomes rise for all consumers, what happens to demand for Top Ramen?

23.     The government decides to tax a good heavily.

24.     Foreign producers are now allowed to compete with domestic products.

25.     Producers anticipate higher future prices.

Big Apple Questions

1.  What is the price the apples are most frequently sold at in Round 3?

2.  In which round was there the greatest spread in price?

3.  Why did prices become more concentrated at times?

4.  Why did high profit takers have success? Ask students who made lots of money what strategies they used.

5.  Can you relate the price changes in any specific round to conditions in the national economy?

6.  What problems did you run into buying or selling?

7.  List 1 strategy that you employed to negotiate your prices.   Did your strategy work? Why or why not?

        8. Based on your experiences in this game, explain the importance of supply and demand as a function of our society?

Big Apple Game

Presented Supply and Demand Rap Songs

Gave instructions for Big Apple Game which we will start tomorrow!!

Supply/Demand Rap Song

Make a (school appropriate) rap song about supply and demand.
The song must be 20 lines long
It must rhyme.

You don't have to rap it to the class, HOWEVER, if you want 10 pts extra credit you can rap it to the class.