Tuesday, August 29th, 2006
Introducing the Price Rationing System
OBJECTIVE
Students shall be able to
state the relationship between opportunity cost and demand,
state the law of demand,
define "price rationing," and
explore the wisdom of alternatives to the price rationing system.
Students shall be able to
derive the law of demand from raw data,
construct a demand schedule,
construct a demand curve,
apply the law of demand to a given situation, and
recognize the difference between a change in demand and a change in quantity demanded.
ACTIVITIES
Discuss the "Opportunity Costs and Demand" exercise from Tuesday.
Extend and reapply.
Students shall prepare a script to use Friday to conduct a survey of K.O. students to determine the level of demand for homecoming tickets.
Assignment: Prepare a script that your group will used to survey another class about their demand for homecoming dance tickets.
ASSESSMENT PROCEDURES
Monitor and adjust as needed. Check student group scripts and collect for use tomorrow.
TEKS involved: 1B, 3A, 5A, 7A, 10A, 10B, 15A, 16A, 20A, 20B, 21A, 21B, 23A, 23B, 24A, 24B, 25A