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Answer the following question: How do businesses determine prices? Read ”Workplace Connections” on Page 133. Bell Activity. Business Economics. Chapter 6 Monday, October 12, 2009. Bell Activity Preview, Read and Discuss Chapter 6 Supply and Demand Activity

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Bell activity

  • Answer the following question:

    • How do businesses determine prices?

  • Read

    • ”Workplace Connections”

    • on Page 133.

Bell Activity


Business economics

Business Economics

Chapter 6

Monday, October 12, 2009


Today s agenda 10 12 2009

  • Bell Activity

  • Preview, Read and Discuss Chapter 6

  • Supply and Demand Activity

  • Assessment – Focused Free Write

  • Home work

Today’s Agenda 10/12/2009


Making decisions in a market economy

  • Reading Activity – Three Level Study Guide

    • Preview guide

    • As you read, reference 3 Level SG

    • List page and paragraph for each to verify

    • In your group, discuss whether the statement should be checked or not.

Making Decisions in a Market Economy


Making decisions in a market economy1

  • Teamwork

    • Pair up with the person to your right and create a graph showing supply, demand, and equilibrium price for a good or service of your choice. Be sure to use reasonable prices.

Making Decisions in a Market Economy


Making decisions in a market economy2

  • Complete Section 6.1 Assessment P. 143

    • Fact and Idea Review

    • Critical Thinking

Making Decisions in a Market Economy


Bell activity

  • Daily Supply Curve of Hamburgers

    • At higher prices, sellers generally offer more units for sale. The supply curve is upward sloping. This is based on the logical assumption that people will be wiling to produce and sell goods as long as the price they received for these goods is sufficient to cover the opportunity cost of supplying them.


Bell activity

  • The Daily Demand Curve for Hamburgers

    • The demand curve for any good is generally a downward-sloping function of its price. At lower prices, buyers generally want to purchase more units.


Bell activity

  • The Equilibrium Price and Quantity of Hamburgers

    • The equilibrium quantity and price of a product are the values that correspond to the intersection of the supply and demand curves for that product.


Bell activity

  • Excess Supply

    • When price exceeds the equilibrium price, there is excess supply, or surplus, that is equal to the difference between quantity supplied and quantity demanded.

Excess supply = 8000 hamburgers/day

Supply

Demand


Bell activity

  • Excess Demand

    • When price lies below the equilibrium price, there is excess demand, the difference between quantity demanded and quantity supplied.

Supply

Excess demand = 8000 hamburgers/day

Demand


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