Concept 2 - Microeconomics

PO 2.  Describe how markets function:
a.  laws of supply and  demand
b.  how a market price is determined
c.  graphs that demonstrate changes in supply and demand
d.  how price ceilings and  floors cause shortages or surpluses 
e.  comparison of monopolistic and  competitive behaviors
f.   theory of production and the role of cost  

• READ CHAPTER 4 - DEMAND
• Lecture Supply and demand
• Vocab review
• S5C2PO3a
  2008 tax cuts costs and benefits

• 8th Amendment
• "Scheduled to die"

• Assign: Markets - Supply and Demand-Review of Articles
  Due 2.19
• Describe assignment
• Read articles for assignment Work in class
• The Economic Way of Thinking Essay Due 2.17

• Supply lecture
• Read Ch 5 in class

• Econ video

• Markets articles due
• Email Journal Due 2.22
  • You own a restaurant that is fully booked during the weekends. In mid-week, however, you rarely have enough bookings to stay open. To make more money during this slow period, you decide to cut dinner prices by one-third- from $15 to $10 – on Wednesday and Thursday.Do you think this action will increase your revenues?  Explain why or  why not.
    Explain,  give two examples,  connect  to the principle of elasticity of  demand .
• Reflections on the First Amendmnet Paper
  Due 3.10

• Group Reports on Economists and Economic Concepts
• Fast in-class
• Economic Theories and Theorists
  • A few theories
  • Adam Smith
  • Milton Friedman
  • Walter E. Williams
  • David Ricardo
  • John Maynard Keynes
  • Karl Marx
  • How Supply and Demand Determine Commodities Market Prices
  • The Model of Supply And Demand

• Econ Graph Challenge
• Vocab Flash Cards /Flodable

• short run theory of production long run Law of Variable Proportions production function stages of production diminishing returns

• Econ exam ch 4,5 and 6 due 3.1

• Fun Friday Video on Thursday