Demand curves are negative.
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How much should you produce?In economics it is important that we understand terminology associated with trends. Graph Activity.
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Is production the most effective way of measuring economic success?What factors does it leave out? In this activity, students read through Absolute and Comparative Advantage. Complete the Comparative Advantage Activity.
Then graph the production possibilities during the PPF Activity.
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What determines demand?
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More simply, you can calculate elasticity by simply looking at the rise and fall of Total Revenue.
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Elasticity can be calculated, and is given a value known as Ed (Elasticity of Demand). Ed's that are greater than 1 are elastic, where as Ed's that are less than 1 are inelastic. Ed that is equal to 1 is unit elastic. Ed does not equal slope!
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Why are some goods elastic?Consider the elasticity of various athletic balls as they respond to the "stimuli" of being dropped. This in class comparison can be representative of demand for various goods or services, each differing in their response to "being dropped" or price changes, due to their elasticity. Then complete the Determinants of Demand Activity.
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What Makes a small business successful?Is a competitive market beneficial for a democratic society? Does government involvement benefit the market? What are some outside sources that affect the market? These are questions students will answer by completing 3 formative performance tasks. These assignments will have students analyze and compare sources, take part in a discussion about local businesses and why they are successful, and create commercial skits about their school.
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What Makes a small business competetive?Students will analyze how incentives influence decisions in buyers and sellers, competition between local businesses, and consequences in competition in specific markets. Students will complete 3 formative assignments, and a summative. (Educators may modify the lesson as they see fit, question 2 can be changed to a local town)
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Does competition trump incentives?Students will complete activities concerning low and high competition markets, competetive business incentives, and if competition matters in the market. Formative assignments consist of venn diagrams, class discussion and debate, and creating a T chart. Summative assignment is a debate on inquiry question: does competition trump incentives?
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Is Walmart good for america?Watch the PBS documentary, Is Walmart Good for America?
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Is This a viable business plan?As an accumulative project, students will create a Business Plan for a business that they design. Students will create a PPT of their business plan to present to a panel of investors in our version Shark Tank (see demonstration video below).
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Other Useful RESources
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