Tuesday, January 7. Activities: Syllabus and classroom expectations Reading notes directions Textbooks Homework: SSR tomorrow! Chapter one reading notes due on Friday! Parent signature on syllabus by Monday!. Warm-up #1: What is one of your academic goals for this semester?.
What is one of your academic goals for this semester?
What do you think we will study in economics?
What did you give up in order to come to school today? How important is the thing that you gave up?
Think about a school-appropriate decision you have made lately. Write a sentence describing that decision. In another sentence, explain the opportunity cost of that decision.
List two examples of each of the types of resources used by a bookstore.
In your own words, explain what economics is all about. Use 2-3 sentences.
Explain how a computer can be a capital good.
Nation X experiences an increase in the number of college graduates. What will happen to the production possibilities curve for Nation X?
How does a market economy answer the “who will receive it” question?
What is the role of an entrepreneur in a market economy?
What is the producer’s ultimate goal?
WATCH YOUR TARDIES! POUNCY HAS NOTICED AND IS PLANNING TO CANCEL SENIOR EVENTS/PRIVILEGES IF IT CONTINUES!
When a firm produces zero units, total cost is $150. What is this firm’s fixed cost?
P of each unit = $4
What is the marginal revenue of the 2nd unit?
What is the only thing that can cause a change in quantity supplied?
The cost of steel (used in the production of widgets) increases by $100. Draw a correctly-labeled graph showing what will happen to the supply of widgets.
If the government increases regulations on car producers, what will happen to the supply of cars?
If the price of good X increases, then the quantity supplied will __.
There is an increase in the price of gasoline. Relate to income effect.
Which way does the demand curve shift if there is an increase in demand?
Which way does the demand curve slope?
If the price of hot dog buns increases, what will happen to the demand for hot dogs?
What are the non-price determinants of supply?
What are the non-price determinants of demand?