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CHAPTER SIX. PRICES. When demand meets supply Demand greater than supply – shortage Supply greater than demand - surplus. Equilibrium. Price ceilings Rent control Price floors Minimum wage. Government interference with prices. Read 137-140

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Presentation Transcript
Chapter six

CHAPTER SIX

PRICES


Equilibrium

Equilibrium


Government interference with prices

Government interference with prices


Prices

  • Read 137-140

  • What is the argument for and against rent control?

  • With partner, answer number 1 + 2 on p. 138

Prices


Prices1

Prices



Question of the day

What are the two ways in which the government controls prices?

Please provide an example of each.

Question of the Day


Changes in market equilibrium

Moving toward Equilibrium prices?

- Price and quantity will move toward equilibrium levels

Two Factors that can lead to Disequilibrium

-Shift in supply curve

-Shift in demand curve

Changes in Market Equilibrium


  • An Increase in Supply prices?

    • A Changing Market that increases supply

      • Inventory will pile up (surplus)

      • Suppliers will reduce prices to clear out the surplus

      • With the lower price, demand will increase and the market will find equilibrium


  • A Decrease in Supply prices?

    • As supply decreases, suppliers will raise their prices

    • Demand will fall

    • With the lower price, demand will increase and the market will find equilibrium





Vocabulary

Vocabulary


Question of the day1

  • In your notebook: prices?

    • Design a supply/demand curve that illustrates a change in equilibrium based on an increase in supply.

Question of the Day


Review

  • Review prices?

    • How does the government affect supply? (3)

    • How does the government affect prices? (2)

Review


Chapter 6 pictionary time

  • Equilibrium prices?

  • Disequilibrium

  • Shortage

  • Surplus

  • Supply shock

  • Rationing

  • Black Market

  • Price ceiling

  • Rent control

  • Price floor

  • Minimum wage

  • Inventory

  • Fad

Chapter 6: Pictionary Time


Question of the day2

Question of the day.


  • Sketch: prices?

    • Advantages of Price-based system

    • Shortage and Surplus

    • P. 155



Your group project 1 3 members

  • Design your own business prices?

  • Select a name and product

  • Graph how your business would respond to:

    • Supply shock

    • Increase in supply

    • Decrease in demand

    • Increase in demand

  • Explain the reasons for the above

  • Be realistic and be neat!

  • Due at the end of class on Friday

  • Your Group Project (1-3 members)


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