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Friday 9/2 & Tuesday 9/6. Opening Act Open your binders (everyone) to your Unit I “Running in Place” Know List Review the information with your neighbor Begin discussing and working on a possible Driving Question: How can we, as Holden’s Daughter (advisors)…..? Agenda is on the next page.

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friday 9 2 tuesday 9 6
Friday 9/2 & Tuesday 9/6

Opening Act

  • Open your binders (everyone) to your Unit I “Running in Place” Know List
    • Review the information with your neighbor
    • Begin discussing and working on a possible Driving Question:
      • How can we, as Holden’s Daughter (advisors)…..?

Agenda is on the next page

Chapter 1

Section

Main Menu

agenda
Agenda:
  • Review Know List (KL)
  • Driving Question (DQ)
  • initial Need to Know List (NTKL)
  • Start viewing Video Interview Part One
      • Discuss & possibly revise KL & NTKL
  • Possibly Start Operation of Market Economies Notes: Part 1
  • Assignment: BRING YOUR TEXTBOOKS NEXT CLASS, THERE WILL BE HW TO START

Chapter 1

Section

Main Menu

operation of market economies part i
Operation of Market Economies Part I
  • What are markets & why do they exist?
    • A market is an arrangement that allows buyers and sellers to exchange goods and services.
    • Markets exist because none of us produces all the goods and services we require to satisfy our needs and wants.

Chapter 1

Section

Main Menu

operation of market economies part i1
Operation of Market Economies Part I
  • Components of Markets
    • 2 Basic Components
    • Households-consumers
    • Firms-producers and businesses

Chapter 1

Section

Main Menu

operation of market economies part i2
Operation of Market Economies Part I
  • The Product Market
    • This is the market where Households give their money to Firms in exchange for goods and services.
      • Why do Households need to do this?

Chapter 1

Section

Main Menu

operation of market economies part i3
Operation of Market Economies Part I
  • Price
    • Prices play a big role in this market
    • It is in the Households’ self interest to pay the lowest price for goods and services.

Chapter 1

Section

Main Menu

operation of market economies part i4
Operation of Market Economies Part I
  • It is in the Firms self interest to sell at the highest price possible.
  • Both sides are motivated by Self Interest
  • Both sides react to prices

Chapter 1

Section

Main Menu

operation of market economies part i5
Operation of Market Economies Part I
  • Households compete against each other in supplying their resources
  • Firms compete against each other in selling their goods and services
  • In addition, both sides compete against each other

Chapter 1

Section

Main Menu

operation of market economies part i6
Operation of Market Economies Part I
  • Any questions about Product Markets?
  • Later we will see how firms create goods and services?
  • Anyone looking for further information and clarification should review Chapter 2, Section 2 “The Free Market” pgs, 28-33

Chapter 1

Section

Main Menu

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