Elasticity of Demand 📉

🎯 Learning Targets

• Define demand elasticity
• Describe the difference between elastic and inelastic demand
• Explain how demand elasticity is measured

⏰ What We Did

• Used instructional notes from Lesson 3, Part 3: Elasticity of Demand, to calculate and examine the elasticity of demand

⚙️ Resources

• Exploring Revenue and Demand Elasticity (A-5)

Changes in Demand 📉

🎯 Learning Targets

• Explain what it means for a product’s demand to shift
• Identify and describe the factors that can shift demand for a product
• Explain how substitute goods differ from complementary goods

⏰ What We Did

• Discussed and reviewed the determinants of demand, the non-price factors that shift demand curves
• Used Lesson 3, Part 2 instructional notes to draw — and then shift — demand curves

⚙️ Resources

• The Determinants of Demand (H-2)
• Plotting Demand Curves (A-4)

💻 Homework

• Watch and take notes on Lesson 3, Part 3: Elasticity of Demand, before class tomorrow

Nature of Demand 📉

🎯 Learning Targets

• Describe how demand differs from the quantity demanded
• Explain what the law of demand states
• Explain what demand schedules and demand curves illustrate
• Individually and collaboratively, students will engage in planned inquiries to describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices

⏰ What We Did

• Watched and took instructional notes on Lesson 3, Part 1: Nature of Demand
• Continued playing "Business Strategy," incorporating concepts from today's lesson into the game

⚙️ Resources

• Lesson 3 Instructional Notes
• Lesson 3, Part 1: Nature of Demand

💻 Homework

• Watch and take notes on Lesson 3, Part 2: Changes in Demand, before class tomorrow

Business Strategy: Loans Payable, Capital Improvements 💸

🎯 Learning Targets

• Engage in planned inquiries to describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices

⏰ What We Did

• Finished learning how to play "Business Strategy," making decisions on whether to take out a loan and making capital improvements (ordering more factories)

⚙️ Resources

• Business Strategy Central

Business Strategy: Production, FIU Sales 💸

🎯 Learning Targets

• Engage in planned inquiries to describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices

⏰ What We Did

• Continued learning how to play "Business Strategy," making production decisions (turning RMUs into finished inventory units [FIUs]) and selling FIUs

⚙️ Resources

• Business Strategy Central