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Answer the following question: How do businesses determine prices? Read ”Workplace Connections” on Page 133. Bell Activity. Business Economics. Chapter 6 Monday, October 12, 2009. Bell Activity Preview, Read and Discuss Chapter 6 Supply and Demand Activity

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Presentation Transcript
bell activity
Answer the following question:
    • How do businesses determine prices?
  • Read
    • ”Workplace Connections”
    • on Page 133.
Bell Activity
business economics

Business Economics

Chapter 6

Monday, October 12, 2009

today s agenda 10 12 2009
Bell Activity
  • Preview, Read and Discuss Chapter 6
  • Supply and Demand Activity
  • Assessment – Focused Free Write
  • Home work
Today’s Agenda 10/12/2009
making decisions in a market economy
Reading Activity – Three Level Study Guide
    • Preview guide
    • As you read, reference 3 Level SG
    • List page and paragraph for each to verify
    • In your group, discuss whether the statement should be checked or not.
Making Decisions in a Market Economy
making decisions in a market economy1
Teamwork
    • Pair up with the person to your right and create a graph showing supply, demand, and equilibrium price for a good or service of your choice. Be sure to use reasonable prices.
Making Decisions in a Market Economy
slide9
Daily Supply Curve of Hamburgers
    • At higher prices, sellers generally offer more units for sale. The supply curve is upward sloping. This is based on the logical assumption that people will be wiling to produce and sell goods as long as the price they received for these goods is sufficient to cover the opportunity cost of supplying them.
slide10
The Daily Demand Curve for Hamburgers
    • The demand curve for any good is generally a downward-sloping function of its price. At lower prices, buyers generally want to purchase more units.
slide11
The Equilibrium Price and Quantity of Hamburgers
    • The equilibrium quantity and price of a product are the values that correspond to the intersection of the supply and demand curves for that product.
slide12
Excess Supply
    • When price exceeds the equilibrium price, there is excess supply, or surplus, that is equal to the difference between quantity supplied and quantity demanded.

Excess supply = 8000 hamburgers/day

Supply

Demand

slide13
Excess Demand
    • When price lies below the equilibrium price, there is excess demand, the difference between quantity demanded and quantity supplied.

Supply

Excess demand = 8000 hamburgers/day

Demand

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