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Economic Baseball

Economic Baseball. Pre-game materials:. 1. Two or three white boards. 2. Two – six markers. Pre-game instructions:. The teacher is the umpire and will be the judge on any close calls.

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Economic Baseball

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  1. Economic Baseball

  2. Pre-game materials: 1. Two or three white boards 2. Two – six markers Pre-game instructions: • The teacher is the umpire and will be the judge on any close calls. 2. Divide the class up into two or three teams of nine players on each team. (if this doesn’t work for the number of students in your class, some students may have to go to the board twice).

  3. Once the students have divided up into teams, have them take two minutes to come up with a team name. The name must relate to an economics concept they have learned, ie. Maximizers, Adam Smiths, etc. • Have the students take one minute to decide on who the team captain is going to be. Once the team captain is chosen, he or she will have two minutes to write down on a piece of paper the team’s batting order, starting with the student who feels he or she knows the least about supply and demand all the way to the last student who feels he or she knows the most about the laws of supply and demand.

  4. Each team will send its first batter to the board • While at the board, each batter will draw a • supply and demand graph labeling everything • correctly, similar to this example: S P D Q

  5. The teacher will show the question from this • PowerPoint presentation on the screen. Once • the batters have read the questions, they must • turn and face their respective boards to work on • the question. There must be NO TALKING • from any other team members while the batter • is writing the answer on the board. • There will be nine questions (representing nine • innings in a baseball game). Here is a sample • question and what will be expected from each • batter.

  6. Each batter will go to the board and draw a supply and demand graph. The umpire (teacher) will give you the market; write it at the bottom of the supply and demand graph. S P D Q

  7. Sample Inning: Your market is: Baseball tickets Your questions is: The town size has doubled in the past year, what will most likely happen to the price and quantity of baseball tickets? S 1. Don’t think! 2. Which curve is affected? P1 • Is it an increase or • a decrease with that • curve? P D1 4. Just draw it! D Demand because the number of consumers . Q Q1 Price and quantity Baseball Tickets

  8. Play Ball First batter on each team go to the board and draw a supply and demand curve.

  9. 1st Inning Your market is: Paper Plates Your question: Millions of acres of forest land are burned. What happens to the market for paper plates?

  10. 1st inning Millions of acres of forest land are burned. What happens to the market for paper plates? S1 P S P1 P Answer: Costs D Supply shifts to the left. Q1 Q Q Paper Plates Q P

  11. 2nd Inning Your market is: Most goods and services Your question: Gas prices go up in the economy. What happens to the market for most goods and services?

  12. 2nd Inning Gas prices go up in the economy. What happens to the market for most goods and services? S1 P S P1 P Answer: Costs D Supply shifts to the left. Q1 Q Q Q P G & S

  13. 3rd Inning Your market is: Doctors Your question: The medical exam to become a doctor becomes more difficult. What happens to the market for doctors?

  14. 3rd Inning The medical exam to become a doctor becomes more difficult. What happens to the market for doctors? S1 P S W1 W Answer: Number of suppliers D Supply shifts to the left. Q1 Q Q Q W Doctors

  15. 4th Inning Your market is: Walgreens Aspirin Your question: The price of Bayer aspirin goes down. What happens to the market for Walgreens Aspirin?

  16. 4th Inning The price of Bayer aspirin goes down. What happens to the market for Walgreens Aspirin? P S P P1 Answer: D Price of a substitute (Bayer) D1 Q1 Q Q Demand shifts to the left Walgreens Aspirin Q P

  17. 5th Inning Your market is: New houses in Ohio Your question: Millions of acres of timberland in Oregon are burned. What happens to the market for new houses in Ohio?

  18. Millions of acres of timberland in Oregon is burned. What happens to the market for new houses in Ohio? 5th Inning S1 P S P1 P Answer: D costs Q1 Q Q Supply shifts to the left. New houses in Ohio Q P Alternative answer next slide

  19. Millions of acres of timberland in Oregon is burned. What happens to the market for new houses in Ohio? 5th Inning P S P1 P D1 Answer: D preferences Q Q1 Q Demand shifts to the right. New houses in Ohio Q P Alternative answer

  20. 6th Inning Your market is: Clothes in secondhand stores Your question: The economy starts going through a boom period. What happens to the market for clothing in secondhand stores?

  21. 6th Inning The economy starts going through a boom period. What happens to the market for clothing in second-hand stores? P S P P1 Answer: D D1 Income inferior goods Q1 Q Q Demand shifts to the left. Clothing in secondhand store Alternative answer next slide. Q P

  22. The economy starts going through a boom period. What happens to the market for clothing in second-hand stores? 6th Inning P S S1 P P1 Answer: D Physical availability of resources (clothes) Q Q1 Q Supply shifts to the right. Clothing in secondhand store Q P Alternative answer

  23. 7th Inning Your market is: Houses Your question: Interest rates go up. What happens to the market for houses?

  24. 7th Inning Interest rates for go up. What happens to the market for houses? P S P P1 Answer: D D1 preferences Q1 Q Q Demand shifts to the left. Houses Alternative answer next slide. Q P

  25. 7th Inning Interest rates for mortgages go up. What happens to the market for houses? S1 P S P1 P Answer: Cost of building homes goes up. D Q1 Q Q Supply shifts to the left. Houses Q P Alternative answer

  26. 8th Inning Your market is: Copper piping Your question: Millions of acres of timberland are burned. What happens to the market for copper piping? Draw three supply and demand graphs with the last one being the market for copper piping. You figure out what the other two supply and demand graphs should be.

  27. 8th Inning Millions of acres of timberland are burned. What happens to the market for copper piping? S1 P S P1 P Answer: Physical availability of wood. D Q1 Q Q Supply shifts to the left. Wood Q P

  28. 8th Inning Millions of acres of timberland are burned. What happens to the market for copper piping? S1 P S P1 P Answer: Cost of building D Supply shifts to the left. Q1 Q Q Houses Q P

  29. Millions of acres of timberland are burned. What happens to the market for copper piping? 8th Inning P S P Answer: P1 Price of a complement (copper pipes complement a house) D D1 Q1 Q Q Demand shifts to the left. Copper Piping Q P

  30. 9th inning All team members to the board and DO NOT draw anything on the board until I read the question. This statement came out in the school announcements: “The yearbook staff only order 350 yearbooks for this year. Due to this shortage, the price of the yearbook will be raised from $28 to $30. If you would like to buy a yearbook, please stop by the business office.” Draw a graph of what this statement is saying.

  31. 9th Inning S P $30 $28 D Qs Qd Q Yearbooks

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