Tuesday, February 1, 2011

Supply, Demand, and The Price System

OBJECTIVES 

Students shall be able to

1. define demand, quantity demanded, supply, quantity supplied, equilibrium price, equilibrium quantity, shortage, surplus, substitutes, complements, and resource markets.

2. differentiate between demand and quantity demanded and between supply and quantity supplied.

3. graph demand and supply curves.

4. list the determinants of demand and determinants of supply.

5. illustrate graphically equilibrium price and quantity.

6. explain the effects of changes in demand and supply on equilibrium price and quantity.

7. illustrate graphically the effects of changes in demand and supply on equilibrium price and quantity.

8. explain and illustrate graphically the effects of a price change for one good on the demand for its substitutes and complements.

9. explain the rationing function of prices.

10. apply the concepts of supply and demand to resource markets.

ACTIVITIES

1. Major Test #1: Scarcity, Supply, Demand, and Equilibrium

Assignments:

1. Take the test.

2. Read M&B chapter 4 for Wednesday. Complete the corresponding crossword puzzle (Word or PDF). Expect a quiz!

 

ASSESSMENT PROCEDURES

Formal summative evaluation.