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HONORS ECONOMICS UNIT 3 |
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UNIT 4 CONCEPTS AND VOCABULARY |
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DEMAND |
DIMINISHING MARGINAL UTILITY |
EQUILIBRIUM |
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WEEK 4 |
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LESSON |
IN CLASS |
HOMEWORK |
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Monday
Lesson 1 |
Portfolio Check
Essential Questions:
·
How can the concepts we have learned so far be used to explain the
fluctuations in the stock market?
·
How are those fluctuations reflected in the changes in the value of
your portfolio?
Activity:
·
Student teams will have individual conferences to discuss current
stock portfolios.
·
Using the SMG Portfolio rubric, each portfolio will be assessed on
being current, complete, and accurate.
·
Students will be assessed on their knowledge and explanation of
their current holdings and their evaluation of current holdings,
market movements, and future transactions.
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Bring:
laptop, portfolio, and pencil for worksheet. Due: Your printed Stock Portfolio will be assessed Monday—it must be complete, clear, and accurate. This is SUMMATIVE! Here is the Rubric. Current stock
portfolio values are due on Blackboard Blog! |
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Tuesday
Lesson 2 |
Demand
Essential Questions:
·
How can the Law of Demand be used to explain business decisions?
·
How is diminishing marginal utility reflected on a Demand Curve?
Activity:
·
Small group discussion about the Law of Demand.
·
Teacher led discussion about how the Law of Demand can be seen in
the real world.
·
Students will use the Law of Demand to explain self-generated
scenarios such as the college application process |
Read:
Textbook, Chapter 4, pp. 87-90 |
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Wednesday |
Teacher Work Day |
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Thursday
Lesson 3 |
Watch:
The Apprentice Series 3.3
The candidates
will develop and execute a marketing campaign for a premium coffee
brand. Each team will work within a $75,000 budget and have been
challenged to come up with a big idea to match. The team that
creates the greatest demand, as judged by company marketing
executives, will win. College grads (Magna)
chose Danny as CEO; high school grads (Net
Worth) chose Angie as CEO.
Activity:
Students should pay particular attention to grading the teams on:
1.
Cost-Benefit Analysis
·
Was each dollar spent profitably?
2.
Marketing
·
How effective was the marketing in driving consumer interest and
increasing demand for the product?
Assignment:
Complete the
Apprentice worksheet.
Answers must be In Your Own Words.
This
MUST
be turned in at the END of class -- any assignment turned after
class will be
penalized 1 point |
Bring:
Pencil for Video Quiz *Makeup - to make the quiz up if you are excused absent the day of a video, follow these directions:
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Friday
Lesson 4 |
Demand Curves
Essential Questions:
·
How can the Law of Demand be shown visually?
Activity:
·
Teacher created Demand Curve will be used to guide discussion.
·
Students will present their scenarios in front of the class and
answer student and teacher questions about the Law of Demand.
·
Students will be asked to go to the board and create their own
Demand Curve. |
Read:
Textbook, Chapter 4, pp. 91-96 |
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WEEK 5 |
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LESSON |
IN CLASS |
HOMEWORK |
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Monday
Lesson 5 |
Shifts in the Demand Curve
Essential Questions:
·
Why does the Demand Curve shift?
·
What causes shifts in the Demand Curve?
Activity:
·
Teacher led discussion about non-price determinants.
·
Small group work on change in Demand Curves when tastes, income,
substitutions, and expectations are considered.
·
Students will create two Demand Curves: one traditional and one
representing the changes caused by specific determinants.
·
The students will write a one paragraph analysis of the change to
the curve – why it happens and how the effect causes the change.
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Due: Current stock portfolio values are due on Blackboard Blog!
Read:
Textbook, Chapter 5, pp. 108-115
Concepts to Master:
The Demand Curve:
·
Inverse Relationship
·
Diminishing Marginal Utility
·
Determinants
o
Tastes
o
Income
o
More/Less Buyers
o
Expectations
o
Related Goods |
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Tuesday
Lesson 6 |
Supply
Essential Questions
·
How is the Law of Supply shown on a graph?
·
How can the Law of Supply be used to explain the agony of the
college application process?
Activities
·
Small group discussion about the Law of Supply.
·
Teacher led discussion about how the Law of Supply can be seen in
college application process.
·
Students will use the Law of Supply to explain self-generated
scenarios akin to the college application process.
·
Students will present their scenarios in front of the class and
answer student and teacher questions about the Law of Supply. |
Read:
Textbook, Chapter 5, pp. 116-122 |
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Wednesday
Lesson 7 |
Supply Curves
Essential Questions
·
How does one express the Law of Supply visually?
·
How do the concepts of profit affect supply curves?
Activities
·
Teacher created Supply Curve will be used to guide discussion.
·
Students will be asked to go to the board and create their own
Supply Curve. |
Read:
Textbook, Chapter 5, pp. 123-130 |
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Thursday
Lesson 8 |
Watch:
The Apprentice Series 3.4
This
week’s task is to create a commercial for a new body wash product.
Each team’s attempt will be judged by marketing experts based on its
potential impact on product demand. College grads (Magna)
chose
Erin as project manager; high school grads (Net
Worth) chose Kristen.
Activity:
Students should pay particular attention to grading the teams on:
1.
Marketing
·
How effective was the marketing in driving consumer interest and
increasing demand for the product?
2.
Demand Shifts
·
Which direction would each ad shift demand for the body wash? Why?
·
Could you create a better advertisement? How?
Assignment:
Complete the
Apprentice worksheet.
Answers must be In Your Own Words.
This
MUST
be turned in at the END of class -- any assignment turned after
class will be
penalized 1 point |
Bring:
Pencil for Video Quiz *Makeup - to make the quiz up if you are excused absent the day of a video, follow these directions:
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Friday
Lesson 9 |
Shifts in the Supply Curve
Essential Questions:
·
Why does the Supply Curve shift?
·
What causes shifts in the Supply Curve?
Activity:
·
Student generated Supply Curve will be put up on the board.
·
Teacher led discussion about profits and how they impact the
producer focused Supply Curve.
·
Students will collaboratively change the curve to reflect either
shortage or surplus.
·
Students will compare the two curves they generate.
·
Students will create two Supply Curves: one traditional and one
representing the change with either product surplus or shortage.
·
The students will write a one paragraph analysis of the change to
the curve – why it happens and how the effect causes the change.
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Concepts to Master:
The Supply Curve:
·
Direct Relationship
·
Increasing Costs
·
Determinants
o
Government
o
Other Opportunities
o
Number of Sellers
o
Investment in Capital
o
Costs of Resources
o
Expectations |
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WEEK 6 |
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LESSON |
IN CLASS |
HOMEWORK |
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Monday
Lesson 10 |
Portfolio Check
Essential Questions:
·
How can the concepts we have learned so far be used to explain the
fluctuations in the stock market?
·
How are those fluctuations reflected in the changes in the value of
your portfolio?
Activity:
·
Student teams will have individual conferences to discuss current
stock portfolios.
·
Using the SMG Portfolio rubric, each portfolio will be assessed on
being current, complete, and accurate.
·
Students will be assessed on their knowledge and explanation of
their current holdings and their evaluation of current holdings,
market movements, and future transactions.
|
Due: Current stock portfolio values are due on Blackboard Blog!
Bring:
laptop, portfolio, and pencil for worksheet.
Due:
Your printed Stock Portfolio will be assessed Monday—it must be
complete, clear, and accurate.
This is SUMMATIVE!
Here is the Rubric.
|
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Tuesday
Lesson 11 |
Market Equilibrium
Essential Questions:
·
How can combined Supply and Demand Curves be used to explain the
creation and change in prices?
·
How can the effects of governmental action be predicted by examining
combined curves?
·
How can market forces be analyzed with combined curves?
Activity:
·
Teacher led discussion about combined curves and equilibrium points.
·
Teacher created combined curves will be analyzed.
·
Small group creation of combined curves – students will create the
curves and then discuss how prices change with changes to the
curves.
·
Teacher conferencing with each group to clarify impacts of changes
on prices.
·
Same small group activities with the curves except analyzing the
effect of governmental action and market forces.
·
Students will write a one paragraph summary of how combined curves
explain changing prices in response to either a change in supply or
demand. They will have
to create their own scenario in support of their explanation. |
Read:
Textbook, Chapter 6, pp. 141-147 Concepts to Master:
The Market:
·
Market Equilibrium
·
Surpluses
·
Shortages
·
Ceilings and floors |
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Wednesday
Lesson 12 |
Coffee Shop
Essential Questions:
·
How can combined Supply and Demand Curves be used to explain market
fluctuations?
·
How can businesses use supply and demand curves to maximize profits?
Activity:
Coffee
Shop Exercise
Students will operate a simulated online coffee shop and make
decisions about variable and fixed costs, prices, and marketing in
order to maximize their daily and annual profits. Students will then
analyze their results by making cost-benefit analysis of shortage,
surplus, and equilibrium situations and how they related to their
coffee formula and the daily temperature.
Assignment:
Complete
The Coffee Shop Income Statement Worksheet
Answers must be In Your
Own Words.
This MUST be turned in at the end of class today--any assignment
turned in late will be penalized 1 point. |
Read:
Textbook, Chapter 6, pp. 148-156
*Makeup
-
to make this exercise up if you are excused absent the day of the
simulation, follow these directions: |
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Thursday
Lesson 13 |
Watch:
The Apprentice Series 3.5
For this task, each team will be given a 28-foot trailer and a
$5,000 budget to create a mobile service business. The team that
makes the most profit after their initial investment will win.
Tana stepped up to be
Project Manager of Net
Worth (Street Smarts),
while College grads (Magna)
chose Bren as CEO.
Activity:
Students should pay particular attention to grading the teams on:
Assignment:
Complete the
Apprentice worksheet.
Answers must be In Your Own Words.
This
MUST
be turned in at the END of class -- any assignment turned after
class will be
penalized 1 point |
Bring:
Pencil for Video Quiz *Makeup - to make the quiz up if you are excused absent the day of a video, follow these directions:
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Friday
Lesson 14 |
Applying Supply and Demand to the Stock Market
Watch:
Trading Places
Activity:
Trading Places Exercise
You are to follow the transactions occurring on the floor of the BOT
Frozen Concentrated Orange Juice trading pit as shown in the
excerpt, and analyze the results of each transaction as well as the
final outcome and the final market equilibrium.
Assignment:
Using the Trading Places worksheet, graph the changes in the
commodity’s market on a supply and demand curve to estimate
equilibrium over the course of the day.
Answers must be In Your Own Words.
This
MUST
be turned in at the END of class -- any assignment turned after
class will be
penalized 1 point |
Bring:
Pencil for Video Quiz
*Makeup
-
to make the quiz up if you are excused absent the day of a video,
follow these directions: |
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