Friday November 30

Review Concept

• Government Intervention
• The effect of Price Controls
• Maximum Prices - Price Ceilings
• Minimum Prices - Price Floors

Resources:

Power Point - Price Controls

Khan Academy Video - Minimum Wage and Price Floors


Homework:
Impact of Price Controls on Stakeholders  - Due Monday December 3
Summative Assessment - Tuesday and Wednesday Dec 4/5

Thursday November 29

New Concept

• Government Intervention
• The effect of Price Controls
• Maximum Prices - Price Ceilings
• Minimum Prices - Price Floors

Resources:

Power Point - Price Controls

Khan Academy Video - Minimum Wage and Price Floors


Homework:
Impact of Price Controls on Stakeholders  - Due Monday December 3
Summative Assessment - Tuesday and Wednesday Dec 4/5

Wednesday November 28

Review Concepts:

• What types of products does the government tend to tax?  Why?

Resources:

Student Workpoint 5.2 - Answers


New Concept:

• The effect of a subsidy on the demand for and supply of a product

Resources:
Power Point - Subsidies and their effect on the demand for and supply of a product

Video - "Dollar Menu"  Segment from the documentary video, Food, Inc.This segment speaks of  the link between subsidies and the food we eat.

Video - "A Cornucopia of Choices"  Segment from the documentary video, Food, Inc.  This segment shows how corn subsidies have turned us all into creatures made out of corn

Homework:

• Read Chapter 5 - The Effect of a subsidy on the Demand for and Supply of a Product, Pages 68-69

Tuesday November 27

Summative Alert!

• We will be having a Micro Summative on Tuesday and Wednesday December 4/5
• Pricing Mechanism on December 4 (Written)
• Indirect Taxes, Subisdies and Price Ceilings on December 5

Continue Concepts:

• Government Intervention
• The effect of an Indirect Tax on the demand for and supply of a product

Resources:
Power Point - Indirect Taxes and their effect on the demand for and supply of a product.

Homework:

• Student Workpoint 5.2 - Due Tuesday November 27

• Read Chapter 5 - The Effect of an Indirect Tax on the Demand for and Supply of a Product, Pages 63-64

Tuesday November 20

Review Externalities:

Identifying Externalities - 2 questions to ask

1) Is the externality being caused by the production of a good or service or by the consumption of a good or service?
2) Does the externality impact society in a positive or negative way?


Examples of Externalities caused by the PRODUCTION of a good or service

Negative impact on society                                        Positive Impact on Society
Pollution from a factory                                             Bee Keepers
Smell from a hog farm                                               Planting trees
Noise from an outdoor rock concert                          Economic Developmen
                                                                                               - Sports stadiums
                                                                                               - Gold Course
                                                                                               - Airports

Examples of Externalities caused by the Consumption of a good or service

Negative impact on society                                        Positive Impact on Society
Drunk Driving                                                            Using public transportation
Smoking                                                                     Education
Listening to loud music                                              Exercise
Pollution from driving car                                          Vaccines

Government will want encourage Positive externalities
- Subsidies
- Direct Provision of Public and merit goods
- Tax Break
- Price Controls

Government will want to discourage Negative externalities
- Laws/regulations
- Taxes

Continue Concepts:                                                           

• Government Intervention
• The effect of an Indirect Tax on the demand for and supply of a product

Resources:
Power Point - Indirect Taxes and their effect on the demand for and supply of a product.

Homework:

• Student Workpoint 5.2 - Due Tuesday November 27

• Read Chapter 5 - The Effect of an Indirect Tax on the Demand for and Supply of a Product, Pages 63-64

Monday November 19

Formative Quiz - Market Failures and Government Intervention

Continue Concepts:

• Government Intervention
• The effect of an Indirect Tax on the demand for and supply of a product

Resources:
Power Point - Indirect Taxes and their effect on the demand for and supply of a product.

Homework:

• Student Workpoint 5.2 - Due Tuesday November 27

• Read Chapter 5 - The Effect of an Indirect Tax on the Demand for and Supply of a Product, Pages 63-64

Friday November 16

New Concepts:

• Government Intervention
• The impact of an Indirect Tax on the demand for and supply of a product

Resources:
Power Point - Indirect Taxes and their effect on the demand for and supply of a product.

Homework:

• Read Chapter 5 - The impact of an Indirect Tax on the Demand for and Supply of a Product, Pages 63-64

Thursday November 15

New Concepts:

• Stakeholders - Those who are impacted by a decision
• Consumers
• Producers
• Government
• Workers

Review Concepts:

• Diagramming Externalities
• Pop Quiz changed to Monday
• Specific types of government interventions

• Provision of Merit and Public Goods
• Laws and Regulations
• Taxes
• Advertising
• Subsidies
• Price Controls

Resources:

• Power Point - Government Response to Market Failures

• Power Point - Types of Market Failures and Diagramming Externalities

• Khan Academy Video - Positive Externalities
• Khan Academy Video - Negative Externalities

• You Tube Video - Tragedy of the Commons Explanation

Homework: Continue by adding adding a specific government intervention to each of the diagrams.

Pop Quiz Monday

• Market Failure Practice Activity - After you add your government intervention.  List the stakeholders of that decision and how each would be impacted by the decision.

Wednesday November 14

Review Concepts:

• Diagramming Externalities
• Pop Quiz on Friday

New Concepts:

• Specific types of government interventions
• Provision of Merit and Public Goods
• Laws and Regulations
• Taxes
• Advertising
• Subsidies
• Price Controls

Resources:

• Power Point - Government Response to Market Failures

• Power Point - Types of Market Failures and Diagramming Externalities

• Khan Academy Video - Positive Externalities
• Khan Academy Video - Negative Externalities

• You Tube Video - Tragedy of the Commons Explanation

Homework: Continue by adding adding a specific government intervention to each of the diagrams.

Pop Quiz Friday

• Market Failure Practice Activity - Add a specific government intervention to each diagram

Tuesday November 13

Review Concepts:

• Diagramming Externalities

Resources:

• Power Point - Government Response to Market Failures

• Power Point - Types of Market Failures and Diagramming Externalities

• Khan Academy Video - Positive Externalities
• Khan Academy Video - Negative Externalities

• You Tube Video - Tragedy of the Commons Explanation

Homework:

Market Failure Practice Activity - Wednesday November 14

Monday November 12

New Concept:

• Market Failures
• Types
• diagramming and explanation of externalities

Resources:

• Power Point - Types of Market Failures and Diagramming Externalities

• Khan Academy Video - Positive Externalities
• Khan Academy Video - Negative Externalities

• You Tube Video - Tragedy of the Commons Explanation

Homework:
Read Chapter 12 - "Market Failures"

Friday November 9

New Concept:

• Market Failures
• Types
• diagramming and explanation of externalities

Classroom Activity:

• Market Failures Activity - Continued Market Failures presentations in class

Resources:

• Power Point - Types of Market Failures and Diagramming Externalities

• Khan Academy Video - Positive Externalities
• Khan Academy Video - Negative Externalities

• You Tube Video - Tragedy of the Commons Explanation

Homework:
Read Chapter 12 - "Market Failures"

Thursday November 8

New Concept:

• Market Failures
• Types

Class Activity:

• Market Failures Activity - Presentations begin today

Resources:

• Power Point - Government Response to Market Failures

• Power Point - Types of Market Failures and Diagramming Externalities

• Khan Academy Video - Positive Externalities
• Khan Academy Video - Negative Externalities

• You Tube Video - Tragedy of the Commons Explanation

Homework:

• Read Chapter 12 "Market Failure"

Wednesday November 7

New Concept:

• Market Failures
• Types

Class Activity:

• Market Failures Activity - With a partner(s) prepare a presentation for the class
• Presentations will begin Thursday

Homework:

• Read Chapter 12 "Market Failure"

Tuesday November 6

New Concept:

• Market Failures
• Types

Class Activity:

• Market Failures Activity - With a partner(s) prepare a presentation for the class
• Presentations will begin Thursday

Homework:

• Read Chapter 12 "Market Failure"

Monday November 5

Quiz - Elasticities

• Quiz includes everything on elasticity
• Formulas and Possible Ranges for Elasticities

Homework: 

• Read Chapter 12 "Market Failure"

Friday November 2

Pop Quiz on Elasticities - Monday

Review Concepts

• Price Elasticity of Supply
• Definition
• Formula
• Possible Changes in Values
• Diagrams illustrating the range of values of elasticity
• Determinants of price elasticity of Supply

Resources:
Hint to homework question below

• Explanation (With Diagram) as to why prices are so volatile for Primary Commodities

Textbook Pages 56 - 60

Power Point - Price Elasticity of Supply

Khan Academy Video - Price Elasticity of Supply

Tutor2U Video - Explaining Price Elasticity of Supply

Mr. Clifford Video - Elasticity Practice
      - This video is a good review for elasticity.  To get information on each go the time in the video.
      - Price Elasticity of Demand 1:48 - 5:40
      - Price Elasticity of Supply 5:40 - 7:36
      - Cross Elasticity of Demand 7:36 - 11:20
      - Income Elasticity of Demand 11:20 - 13:10

Homework: Complete the essay for Monday

Price Elasticity of Supply Handout

Thursday November 1

Review Concepts

• Price Elasticity of Supply
• Definition
• Formula
• Possible Changes in Values
• Diagrams illustrating the range of values of elasticity
• Determinants of price elasticity of Supply

Resources:
Hint to homework question below

• Explanation (With Diagram) as to why prices are so volatile for Primary Commodities

Textbook Pages 56 - 60

Power Point - Price Elasticity of Supply

Khan Academy Video - Price Elasticity of Supply

Tutor2U Video - Explaining Price Elasticity of Supply

Mr. Clifford Video - Elasticity Practice
      - This video is a good review for elasticity.  To get information on each go the time in the video.
      - Price Elasticity of Demand 1:48 - 5:40
      - Price Elasticity of Supply 5:40 - 7:36
      - Cross Elasticity of Demand 7:36 - 11:20
      - Income Elasticity of Demand 11:20 - 13:10

Homework: Complete the essay for Monday

Price Elasticity of Supply Handout