EconomicsLearning Steps

8/15/12

Dream Book Journal Entry&

Standard SSEMI2 Elasticity Review Quiz

& SSEMI2 Test Review

Standards & ElementsSSEMI2

The student will explain how the Law of Demand, the Law of Supply, prices, and profits work to determine

production and distribution in a market economy. Elements:

a. Define the Law of Supply and the Law of Demand. b. Describe the role of buyers and sellers in determining

market clearing price. c. Illustrate on a graph how supply and demand determine

equilibrium price and quantity. d. Explain how prices serve as incentives in a market

economy.

Enduring Understandings

Students will understand that: Prices send signals and provide incentives buyers and sellers .

When supply or demand changes , market price adjust, affecting

incentives.

Essential Questions1. What is the point at which supply an demand come together?

2. What is it called when quantity supplied is not equal to quantity demanded ?3. What is called when quantity demanded is more than quantity supplied?

4. What is the legal maximum that can be charged for a good?5. When the quantity supplied is greater than the quantity demanded, what is the

condition known as?6. What is the government-controlled price ceiling on apartment prices called?

7. What is it called when the government sets a price floor on earnings.8. Until 1996, the United States used price supports in agriculture by doing what to

create demand?9. What happens when any market is in disequilibrium and prices are flexible?

10. Why does a government place price ceilings on some “essential goods”?

Price “Example Flip Books” Ticket-Out-The Door

Class Activities