Economics 4/26/11 http://mrmilewski.com. OBJECTIVE: Examine how change in demand can affect the prices of goods. I. Journal #19 pt.A -Read “Profiles in Economics” p.141 -Answer question #1 p.141 II. Quiz#11 III. Return of Chapter#5 Test IV. Journal#19 pt.B
-Read “Profiles in Economics” p.141
-Answer question #1 p.141
-notes on how inelastic & elastic demand effects prices
-Questions on NBR
One example is the demand for gold. Figure 6.4 shows why gold prices have changed so dramatically over a 20-year period.
-Read “The Global Economy” p.138
-Answer questions (1-2) p.138
-notes on the price system at work
-video quiz on price
Law of Demand – as price drops quantity demanded increases.
Law of Supply – as price drops quantity supplied decreases.
-Attendance & Current Grades
-worksheet on terms from Ch#6
-questions on Econ Film
-questions on film about Wal-mart