EQ - How do supply and demand impact pricing strategies for entrepreneurs?
- Activator: Supply and Demand Game
- Vocabulary Review - Opportunity Cost and Scarcity
- TPS - Focus on Economics (p. 49)
- Intro to the S & D curves
- Demand
- Supply
- Equilibrium
- Surplus v. Deficit
- Knowledge Check (Question #1 p. 54)
EQ - How is price determined so an entrepreneur can make a profit?
- Activator: What do you know about price?
- Introduce Price Equation
- Vocabulary
- Costs
- Fixed Costs
- Variable Costs
- Introduce Profit Equation
- Discussion Questions:
- How can we increase our profit?
- How do you know how much a customer will pay? (*hint* last class)
- How can we reduce our costs?
- TPS - Making the connection and answering the EQ
- TOD or homework - After today's lesson, why is the outsourcing of American jobs a viable option for American companies ? (Feel free to discuss this with your family)
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