Managing Prices 💵

🎯 Learning Targets

• Explain why governments sometimes set prices
• Explain what governments try to accomplish through price floors, price ceilings, and rationing
• Explain what happens when governments manage prices

⏰ What We Did

• Continued playing "Business Strategy," incorporating content concepts into the game

⚙️ Resources

• Business Strategy Central

Determining Prices 🍻

🎯 Learning Targets

• Explain what market equilibrium is
• Explain how the price system handles product surpluses and shortages
• Explain how shifts in demand and supply affect market equilibrium

⏰ What We Did

• Using Prohibition of the 1920s and 1930s as a case study, examined the impact of the 18th Amendment on the supply and demand of both alcoholic beverages and grain

⚙️ Resources

• Understanding Market Equilibrium (A-8)

💻 Homework

• Watch and take notes on Lesson 5, Part 3: Managing Prices, before class tomorrow

The Price System 🏷

🎯 Learning Targets

• Explain the role of the price system
• Describe the benefits of the price system
• Describe the limitations of the price system

⏰ What We Did

• Watched and took instructional notes on Lesson 5, Part 1: The Price System
  
• Continued playing "Business Strategy"

⚙️ Resources

• Lesson 5 Instructional Notes
• Lesson 5, Part 1: The Price System
• Business Strategy Central

💻 Homework

• Watch and take notes on Lesson 5, Part 2: Determining Prices, before class tomorrow

"Plotting Supply Curves," "Setting Prices" ❗️

🎯 Learning Targets

• Explain why producers look at productivity when making supply decisions
• Describe how varying levels of input affects the levels of output
• Explain how changes in production costs affect producers’ supply decisions

⏰ What We Did

• Collect Lesson 4 Lesson Review, handed out W 19 March 2025
• Distributed and discussed the checklist for the second Economics Binder Check
• Returned and discussed the answers to last week's "Plotting Supply Curves" and Monday's "Setting Prices"

⚙️ Resources

• Economics Binder Portal (M 7 Apr 2025)

Spring Break — No School 🏖

Clintondale High School is currently on Spring Break. Classes will resume on Monday, March 31, 2025, at 7:35 A.M.

Have a fun and relaxing time away, Dragons!

Spring Break Countdown ⏲

⏰ What We Did

• Due to low student census, played general trivia Kahoot!

Lesson 4 Lesson Review 4️⃣

🎯 Learning Targets

• Review the key concepts covered in Lesson 4 of Economics

⏰ What We Did

• Took a quiz on Lesson 4, Part 3: Making Production Decisions
• Began working on Lesson 4 Lesson Review

⚙️ Resources

• Lesson 4 Lesson Review (LR-4)

Lesson 4 Lesson Review 4️⃣

🎯 Learning Targets

• Review the key concepts covered in Lesson 4 of Economics

⏰ What We Did

• Took a quiz on Lesson 4, Part X: X
• Began working on Lesson 4 Lesson Review

Business Strategy 💸

🎯 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 playing "Business Strategy"

⚙️ Resources

• Business Strategy Central

Making Production Decisions 📈

Today is St. Patrick's Day 🍀

🎯 Learning Targets

• Explain why producers look at productivity when making supply decisions
• Describe how varying levels of input affects the levels of output
• Explain how changes in production costs affect producers’ supply decisions

⏰ What We Did

• Used instructional notes from Lesson 4, Part 3: Making Production Decisions, to calculate revenue, costs, and profit at various price points to determine the ideal price for a good

⚙️ Resources

• Setting Prices (A-7)

Changes in Supply 📈

🎯 Learning Targets

• Explain what it means for a product’s supply to shift
• Identify factors that might cause a product’s supply curve to shift
• Describe the difference between a tax and a subsidy

⏰ What We Did

• Discussed and reviewed the determinants of supply, the non-price factors that shift supply curves
• Used Lesson 4, Part 2 instructional notes to draw — and then shift — supply curves

⚙️ Resources

• The Determinants of Supply (H-3)
• Plotting Supply Curves (A-6)

💻 Homework

• Watch and take notes on Lesson 4, Part 3: Making Production Decisions, before class on Monday

Changes in Supply Notes 📈

Half-Day Due to Parent-Teacher Conferences 🐲

🎯 Learning Targets

• Explain what it means for a product’s supply to shift
• Identify factors that might cause a product’s supply curve to shift
• Describe the difference between a tax and a subsidy

⏰ What We Did

• Took instructional notes on 4, Part 2: Changes in Supply, to be ready for tomorrow's assignment

Nature of Supply 📈

Late Start Day 🕣

🎯 Learning Targets

• Explain the difference between supply and quantity supplied
• Explain what the law of supply states
• Explain what supply schedules and supply curves illustrate
• Describe supply elasticity

⏰ What We Did

• Watched and took instructional notes on Lesson 4, Part 1: Nature of Supply
  
• Continued playing "Business Strategy"

⚙️ Resources

• Lesson 4 Instructional Notes
• Lesson 4, Part 1: Nature of Supply
• Business Strategy Central

💻 Homework

• Watch and take notes on Lesson 4, Part 2: Changes in Supply, before class tomorrow

Lesson 3 Lesson Review 3️⃣

🎯 Learning Targets

• Review the key concepts covered in Lesson 3 of Economics

⏰ What We Did

• Reviewed the answers to "Exploring Revenue and Demand Elasticity" from last Friday
• Took a quiz on Lesson 3, Part 2: Changes in Demand
• Began working on Lesson 3 Lesson Review

⚙️ Resources

• Lesson 3 Lesson Review (LR-3)

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

• Passed back and went over "Plotting Demand Curves" from last Thursday
• 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

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

Business Strategy: Fixed Expenses, RMU Purchases 💸

🎯 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," calculating initial expenses for each company and bidding to buy raw material purchases (RMUs) for the first round ("month")