Chapter 5 Supply

5(1) Understanding Supply
Identify
Supply
Law of Supply
Quantity Supplied
Supply Schedule
Variable
Market Supply Schedule
Supply Curve
Market Supply Curve
Elasticity of Supply
everything is elastic over time

Look at figure 5.1 (101)  How is the law of supply different than the law of demand?

Look at the picture (102)  What causes different genres of music to be created?

Look at figure 5.2 (103)  What does the chart say about the pizzeria owners decisions?

Look at figure 5.5 (105) If a  supply is inelastic, how will supply react to a small increase in price?

Look at the oranges on 106?  Why is its supply inelastic, but its demand is elastic?

5(1)  questions on page 106: ____________________________


5(2)  Costs of Production
Identify
marginal product of labor
increasing marginal costs
diminishing marginal returns
fixed cost
variable cost
marginal cost
marginal revenue
operating cost

Look at figure 5.6 (109) Why does marginal product of labor decrease after the 3rd bean bag chair?

Look at figure 5.7.  What is the difference between increasing, diminishing, and negative marginal returns?


What example is given in the fast fact (110)?

Look at figure 5.8  Identify examples of  fixed and  variable cost?

Look at 5.9(111)  Why is marginal revenue always $24?

Look at  5.10 (112) Why does the marginal cost curve look like a check?

Why is the shuttered factory pictured on page 114?

5.2 Questions   Group   _____________________________________











5.3 Changes in Supply
Identify
Subsidy
excise tax
regulation

Look at 5.12 (117)   Which graph shows the effects  of higher costs?  Left or Right

Read Global Connections (118) How did EU subsidies lead to a wine lake and a butter mountain?

Look at the picture (118)  Who does the French government subsidize?  Why when food is cheaper from other sources?

Why is the windmill farm pictured on page 119?

Look at the picture on page 120.  Why does inflation lead to shortages?

5(3)  Questions  Group ______________________________

Chapter 4

4(1)  Understanding Demand  (79-
Define: 
demand
law of demand
substitution effect
income effect
demand schedule
market demand schedule
demand curve

Look a figure 4.1  What does the law of demand say about lower prices?

Look at figure 4.2  What two effects does it show?

What two types of demand schedules are shown on figure 4.3?

Section 1 questions  Group_______________________

4(2)  Shifts in Demand Curve
Define:
ceteris paribus
normal good
inferior good
complements
substitutes

What is pictured on page 85?

Look at 4.6  What is shifting?

What inferior good is pictured on page 86?

What expectation pictured on page 87 changed demand?

What complementary goods are pictured on page 88?

Section 4(2) questions :  Group  _______________________

4(3)  Elasticity of Demand
Define:
elasticity of demand
inelastic
unitary elastic
total revenue

Read Global connections (91)  What caused a change in the Indian government in 1988?

Look at the picture on page (93) Which demand is inelastic and which is inelastic?  Why?

Look at the picture (94)  How are economic conditions reflected in the two car advertisements?

Look at the 4.8 revenue table?  At what individual price do you think a pizzeria could maximize its revenue?  Why? Remember complementary products to pizza.

Look at figure 4.9 (96) How does revenue signal elasticity?

Section 4(3) questions   Group  _____________________

Chapter 3 homework

Vocabulary for Chapter 3

3(1)
profit motive
open opportunity
legal equality
private property rights
free contract
competition
interest group
public disclosure laws
public interest

3(2)
macroeconomics
microeconomics
GDP
business cycle
work ethic
technology

3(3)
public sector
private sector
free rider
market failure
externality

3(4)
poverty threshold
welfare
AFDC
cash transfers
in kind benefits

Economics interview project

Business Interview-  

Presentations due week of October 10, 2017

Only Rule: DO NOT ASK WHAT THE PERSON EARNS/YEAR

PowerPoint / visual needed for presentation

Speak to a Sole Proprietor, partner, or manager of a business

Name of subject interviewed

Name of establishment and how long it existed

How long has the person worked at the establishment?

Story behind the start up or the person getting involved in establishment

Type of investment in business-

      Physical and human capital, natural

      Fixed costs

      Variable costs

Target audience, how do they reach their customer? (advertisement…)

How do they expand their market share?

Seasonal and cyclical nature of business?

Any indicators of  the business cycle changing?

Employee expectations?

How do local, state or federal regulations impact business?

What type role can government play in helping your business?

What types of sacrifices had to be made to make a successful business?

What are the benefits of owning or managing a business?

Words of wisdom to someone looking to enter the field? 

Business articles

Name_________________________

Economics current events assignments.
Honors   5 stories/month     CP1 3 stories/month

Source of Story
Date of print or broadcast
Who or what is the story about?
When and where does it take place?
Why is this economically significant?
Explain the supply or demand ramifications.
Graph the story.

Chapter 8 Business Organizations

Section :  Sole Proprietorships 185-188)
Identify:  business organization,
sole proprietorship,
business license,
zoning law,
 liability,
fringe benefit
Look at figure 8:1 (p. 186) What are the top three characteristics of  an entrepreneur?
Look at figure 8:2 (p.
What are the benefits and disadvantages of sole proprietorships?

Read Jerry Yang profile (189) answer question 1.  Are there any changes since this book was published?

Section 2:  Partnerships (190-193)
Identify:  partnership
general partnership
limited partnership
Limited liability partnership (LLP)
articles of partnership
Uniform partnership act (UPA)
Assets  
 Look at 8:3 (191) What are the majority of the size of recipts and type of partnerships?
What is the point of the political cartoon on page 192?
Answer questions 5 and 6 on page 193.

Section 3:  Corporations, Mergers, and Multinationals (195-200)
Identify  corporation
stock
closely held corporation
publicly held corporation
bond
certificate of incorporation
dividend
horizontal merger
vertical merger
conglomerate
multinational corporation (MNC)
What are the advantages and disadvantages of corporations?
Answer questions 5,6,7 on page 200

Section 4: Other Organizations (201-204)
business franchise
royalty
cooperative
consumer cooperative
service cooperative
producer cooperative
nonprofit organization
professional organization
business association
trade association
Answer questions 7+8 on page 204

Economics classroom expectations

Grading Policy:
Homework 15%
Class work 25%
Exams/presentations  60%

My extra help day is Thursday, but I will be available for help almost every day after school, just let me know if you are coming and I will be in my room unless I have another meeting.

Bring a good attitude, a binder, and something to write with in class every day. I want you to be able to see how you think like an economist every day. 

If you think about it you incorporate marginal utility in all of the decisions you make.

Some of the other economic concepts the course will cover
  Microeconomics:
  Scarcity
  opportunity costs
  production possibilities curve
Traditional, Command, Market Economies
Supply and Demand
Elasticity of demand and elasticity of supply
Market Equilibrium and the role of prices
Perfect Competition, Monopoly, Oligopoly, and Monopolistic Competition
Regulation and deregulation of business
Labor  and business
Sole Proprietorships
Partnerships,
Corporations/Trusts
 
Macroeconomics
Fiscal Policy
Monetary Policy
Government safety nets and when should they be used
International trade, NAFTA, WTO

Week of April 24, 2017

Chapter 16 questions

Chapter 16:  The Federal Reserve and Monetary Policy
Please read the sections before you answer the questions assigned.

16(1)
1. Figure 16.1 (416), What percentage of banks are in the federal reserve system, and what percentage of bank deposits do they control?
2. Figure 16:2 (417) Identify the 12 Federal Reserve Bank cities.
3. What is the point of the fast fact (417)?
4. Answer questions 1-5  (odd/even) page 418

16(2)
1. Whose statue  do you think is on the north side of the Dept. of Treasury( 420)?
2. Figure 16.3 (421) What role does the Fed have in cashing checks?
3. Figure 16.4 (423) What happens to the money demand when interest rates increase?
4. Answer questions 1-6 (423) odd/even.

Read the biography of Alan Greenspan (424) bullet three facts about his life. Answer question 2. 

16(3) 
1. Figure 16.5 (426)  How do banks create money? 
2. Figure 16.6  (427) What is the reserve ratio requirement?How can the Fed expand the money supply using this tool?
3. Figure 16.7  (428) What is the discount rate?  How can the Fed expand the money supply using this tool?
4. Figure 16.8 (428) What are open market operations?  How can the Fed expand the money supply using this tool?
5. Answer questions 1-8 (odd/even) page 429.

16(4)
1. Figure 16.10 (432) What are the effects of proper and improper timing of fed monetary
policies?
2. Answer questions 1-6 (odd/even) on page 434.