EconomicsLearning Steps

8/7/14

USA Test Prep. Warm-up&

The Production, Distribution and Consumption of Goods & Services

Class Matching Exercises

CompleteToward a Sustainable Future

&Standard SSEF6 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 UnderstandingsStudents will understand that

according to the law of demand, people buy less of a good when its

prices rises and that demand schedules and demand curves

illustrate how people and markets react to different prices.

Essential Questions1. What is the Law of Demand?

2. What is an income effect?3. Why does an economist use a market demand curve?

4. What is the effect of the interaction of buyers on a market?5. What does it mean when an economist say that a consumer has a

demand for a good or service?6. How do economist measure the consumption of a good?

7. How does the substitution effect work when the price of an item drops?8. If prices rise and income stays the same, what is the effect on demand?

9. What is a market demand schedule?10. What is the substitution effect?

11. What are normal and inferior goods?12. What are complements?

Video Analysis“Fundamental Economic Concepts”

Ticket-Out-The Door

Class Activities

Team Study“Economics Digital

Clock Partners” Ticket-Out-The Door

Class Activities