Unit 2: Microeconomics
SSEF3 Explain how specialization and voluntary exchange between buyers and sellers increase the
satisfaction of both parties.
A. Give examples of how individuals and businesses specialize.
B. Explain that both parties gain as a result of voluntary, non-fraudulent exchange.
SSEMI1 Describe how households, businesses, and governments are interdependent and interact
through flows of goods, services, and money.
A. Illustrate by means of a circular flow diagram, the Product market; the Resource (factor) market; the real
flow of goods and services between and among businesses, households, and government; and the flow of money.
B. Explain the role of money as a medium of exchange.
SSEMI2 Explain how the Law of Demand, the Law of Supply, prices, and profits work to determine
production and distribution in a market economy.
A. Define the Law of Supply and the Law of Demand.
B. Describe the role of buyers and sellers in determining market clearing price.
C. Illustrate on a graph how supply and demand determine equilibrium price and quantity.
D. Explain how prices serve as incentives in a market economy.
SSEMI3 Explain how markets, prices, and competition influence economic behavior.
A. Identify and illustrate on a graph factors that cause changes in market supply and demand.
B. Explain and illustrate on a graph how price floors create surpluses and price ceilings create shortages. C. Define price elasticity of demand and supply.
SSEMI4 Explain the organization and role of business and analyze the four types of market structures in
the U.S. economy.
A. Compare and contrast three forms of business organization—sole proprietorship, partnership, and
corporation.
B. Explain the role of profit as an incentive for entrepreneurs.
C. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure
competition.
SSEF4 Compare and contrast different economic systems and explain how they answer the three basic
economic questions of what to produce, how to produce, and for whom to produce.
A. Compare command, market, and mixed economic systems with regard to private ownership, profit motive,
consumer sovereignty, competition, and government regulation.
B. Evaluate how well each type of system answers the three economic questions and meets the broad social and
economic goals of freedom, security, equity, growth, efficiency, and stability.
SSEF5 Describe the roles of government in a market economy.
A. Explain why government provides public goods and services, redistributes income, protects property rights, and
resolves market failures.
B. Give examples of government regulation and deregulation and their effects on consumers and producers.
satisfaction of both parties.
A. Give examples of how individuals and businesses specialize.
B. Explain that both parties gain as a result of voluntary, non-fraudulent exchange.
SSEMI1 Describe how households, businesses, and governments are interdependent and interact
through flows of goods, services, and money.
A. Illustrate by means of a circular flow diagram, the Product market; the Resource (factor) market; the real
flow of goods and services between and among businesses, households, and government; and the flow of money.
B. Explain the role of money as a medium of exchange.
SSEMI2 Explain how the Law of Demand, the Law of Supply, prices, and profits work to determine
production and distribution in a market economy.
A. Define the Law of Supply and the Law of Demand.
B. Describe the role of buyers and sellers in determining market clearing price.
C. Illustrate on a graph how supply and demand determine equilibrium price and quantity.
D. Explain how prices serve as incentives in a market economy.
SSEMI3 Explain how markets, prices, and competition influence economic behavior.
A. Identify and illustrate on a graph factors that cause changes in market supply and demand.
B. Explain and illustrate on a graph how price floors create surpluses and price ceilings create shortages. C. Define price elasticity of demand and supply.
SSEMI4 Explain the organization and role of business and analyze the four types of market structures in
the U.S. economy.
A. Compare and contrast three forms of business organization—sole proprietorship, partnership, and
corporation.
B. Explain the role of profit as an incentive for entrepreneurs.
C. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure
competition.
SSEF4 Compare and contrast different economic systems and explain how they answer the three basic
economic questions of what to produce, how to produce, and for whom to produce.
A. Compare command, market, and mixed economic systems with regard to private ownership, profit motive,
consumer sovereignty, competition, and government regulation.
B. Evaluate how well each type of system answers the three economic questions and meets the broad social and
economic goals of freedom, security, equity, growth, efficiency, and stability.
SSEF5 Describe the roles of government in a market economy.
A. Explain why government provides public goods and services, redistributes income, protects property rights, and
resolves market failures.
B. Give examples of government regulation and deregulation and their effects on consumers and producers.
Do Nows |
Vocabulary |
Specialization & Exchange
SSEF3 Explain how specialization and voluntary exchange between buyers and sellers increase the
satisfaction of both parties.
A. Give examples of how individuals and businesses specialize.
B. Explain that both parties gain as a result of voluntary, non-fraudulent exchange.
satisfaction of both parties.
A. Give examples of how individuals and businesses specialize.
B. Explain that both parties gain as a result of voluntary, non-fraudulent exchange.
Circular Flow and money
SSEMI1 Describe how households, businesses, and governments are interdependent and interact
through flows of goods, services, and money.
A. Illustrate by means of a circular flow diagram, the Product market; the Resource (factor) market; the real
flow of goods and services between and among businesses, households, and government; and the flow of money.
B. Explain the role of money as a medium of exchange.
through flows of goods, services, and money.
A. Illustrate by means of a circular flow diagram, the Product market; the Resource (factor) market; the real
flow of goods and services between and among businesses, households, and government; and the flow of money.
B. Explain the role of money as a medium of exchange.
Introduction to the Circular Flow Model-Watch....
Economic Systems
SSEF4 Compare and contrast different economic systems and explain how they answer the three basic
economic questions of what to produce, how to produce, and for whom to produce.
A. Compare command, market, and mixed economic systems with regard to private ownership, profit motive,
consumer sovereignty, competition, and government regulation.
B. Evaluate how well each type of system answers the three economic questions and meets the broad social and
economic goals of freedom, security, equity, growth, efficiency, and stability.
economic questions of what to produce, how to produce, and for whom to produce.
A. Compare command, market, and mixed economic systems with regard to private ownership, profit motive,
consumer sovereignty, competition, and government regulation.
B. Evaluate how well each type of system answers the three economic questions and meets the broad social and
economic goals of freedom, security, equity, growth, efficiency, and stability.
Book Assignment: go to page 308 and complete Identifying Key Terms #s 1-16 and Reviewing the Facts #s 1-10; turn in.
Supply and Demand
SSEMI2 Explain how the Law of Demand, the Law of Supply, prices, and profits work to determine
production and distribution in a market economy.
A. Define the Law of Supply and the Law of Demand.
B. Describe the role of buyers and sellers in determining market clearing price.
C. Illustrate on a graph how supply and demand determine equilibrium price and quantity.
D. Explain how prices serve as incentives in a market economy.
production and distribution in a market economy.
A. Define the Law of Supply and the Law of Demand.
B. Describe the role of buyers and sellers in determining market clearing price.
C. Illustrate on a graph how supply and demand determine equilibrium price and quantity.
D. Explain how prices serve as incentives in a market economy.
demand terms to learn:
1. Law of Demand-the quantity of demanded of a good or service varies inversely with its price OR like when the
price goes up, quantity that is demanded goes down.
2. Demand Schedule - is a listing that shows the various quantities demanded of a particular product at all prices
that might prevail in the market at a given time.
3. Demand Curve - a graph showing the quantity demanded at each and every price that might prevail in the
market.
4. Market Demand Curve - the demand curve that shows the quantities demanded by everyone who is interested
in purchasing the product.
price goes up, quantity that is demanded goes down.
2. Demand Schedule - is a listing that shows the various quantities demanded of a particular product at all prices
that might prevail in the market at a given time.
3. Demand Curve - a graph showing the quantity demanded at each and every price that might prevail in the
market.
4. Market Demand Curve - the demand curve that shows the quantities demanded by everyone who is interested
in purchasing the product.
pl afTERNOON:
We have Professional Learning this afternoon. Sorry about this. So - today with Ms. Griffin you are going to illustrate what you learned yesterday about Supply and Demand. Follow these directions and turn in all work at the end of the period. You will need your own paper, but Ms. Griffin will give you graph paper. YALL NEED PRACTICE. THIS HAS TO BE DONE!!
Supply Terms to Learn:
Directions: Copy these supply definitions on your own paper and staple to the BACK of the graph paper.
1. Supply-the amount of a product that would be offered for sale at all possible prices that could prevail in the market
2. Law of Supply-the principle that suppliers will normally offer more for sale at high prices and less at lower prices
3. Supply Curve-a graph showing the various quantities supplied at each and every price that might prevail in the market
4. Supply Schedule - is a listing of the various quantities of a particular product supplied at all possible prices in the market
5. Supply Elasticity-measure of the way in which quantity supplied responds to a change in price.
On your graph paper:
6. Illustrate a DEMAND line (like in your notes yesterday-make sure you have the X & Y Axis Lines)
7. Illustrate a SUPPLY line (see #6)
8. Illustrate QUANTITY DEMANDED and QUANTITY SUPPLIED (see #6)
9. Put both concepts on one graph (see #6)
1. Supply-the amount of a product that would be offered for sale at all possible prices that could prevail in the market
2. Law of Supply-the principle that suppliers will normally offer more for sale at high prices and less at lower prices
3. Supply Curve-a graph showing the various quantities supplied at each and every price that might prevail in the market
4. Supply Schedule - is a listing of the various quantities of a particular product supplied at all possible prices in the market
5. Supply Elasticity-measure of the way in which quantity supplied responds to a change in price.
On your graph paper:
6. Illustrate a DEMAND line (like in your notes yesterday-make sure you have the X & Y Axis Lines)
7. Illustrate a SUPPLY line (see #6)
8. Illustrate QUANTITY DEMANDED and QUANTITY SUPPLIED (see #6)
9. Put both concepts on one graph (see #6)
14. Plot the Supply and Demand Curves
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This is something like what your finished #12 should look like...
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Kahoots
Use this link to study for your SFM & Money Quiz: https://play.kahoot.it/#/k/4eed26ec-2b96-495c-88e4-a100adf278ec
study guides
culminating assignment
Monsters, Inc.
QBA 2 Review
Key Vocabulary
1. Factors of Production (with an example of each)
2. Opportunity Cost
3. PPF (create a Graph showing points for efficient, unattainable, inefficiency)
4. Rational Decision Making
5. Specialization
6. Money as: 1) Medium of Exchange 2) History 3) function of
7. Supply and Demand (create a basic chart illustrating Supply and Demand lines)
8. Equilibrium price (show on graph)
9. Equlibrium deman (show on graph)
10. Supply line (show on graph)
11. Demand line (show on graph)
12. Elastic and Inelastic
13. pure competition vs monopoly competition
14. Economies: Command, Market, Mixed, Market Leaning
15. Consumer Sovereignty
2. Opportunity Cost
3. PPF (create a Graph showing points for efficient, unattainable, inefficiency)
4. Rational Decision Making
5. Specialization
6. Money as: 1) Medium of Exchange 2) History 3) function of
7. Supply and Demand (create a basic chart illustrating Supply and Demand lines)
8. Equilibrium price (show on graph)
9. Equlibrium deman (show on graph)
10. Supply line (show on graph)
11. Demand line (show on graph)
12. Elastic and Inelastic
13. pure competition vs monopoly competition
14. Economies: Command, Market, Mixed, Market Leaning
15. Consumer Sovereignty
QBA 2 concepts re-test
Click on the powerpoint button below to review for the re-test.
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