Determining Price

EQ - How is price determined so an entrepreneur can make a profit

1. Homework Review - The Profit Equation
2. Identifying Fixed vs. Variable Costs
3. Develop a Profit Equation word problem
1. Follow the process
2. Solve your own word problem
3. Trade with a partner
4. Solve Theirs
5. Review Answers
4. Muddy Points
5. Scarcity - Impact on costs and entrepreneurial decisions
6. The Price Equation
1. Price = Cost + Markup
2. Why can McDonalds sell a double cheeseburger for $1.50?
7. Debriefing
8. Making Connections
9. Interactive Muddy Points - Click Here
10. Prep for your exam next class

Fundamentals of Pricing

EQ - How is price determined so an entrepreneur can make a profit

1. Activator - Partnership Activity: Coffee Shop
1. Discussion
1. How does this activity demonstrate the laws of supply and demand?
2. What decisions were made using the laws of supply and demand?
3. Describe how you might improve your results.
4. Did you experience a surplus or deficit during the Lemonade Stand activity?  Explain.
5. How did you try to return to equilibrium?
2.  Muddy Points
3. Activator - Key Concept Check-in
4. The Profit Equation *PPT
1. Revenue
2. Expenses (Fixed/Variable)
5. Calculating Profit
6. The Supply and Demand Connection
7. Try It - Develop a Profit Equation
8. Making Connections
1. Answer all 3 LEQ's
2. Use your answers to explain how economic decisions are made.
9. Revisiting the Activator
1. TodaysMeet
10. Unit Exam Announcement

Supply and Demand Continued

EQ -  How do supply and demand impact pricing strategies for entrepreneurs?

1.  Activator - Ice Cream Survey
1. Free
2. $0.50
3. $1.00
4. $1.50
5. $2.00
6. $2.50
7. $3.00
2. TPS - Review of the S & D curves
1. Demand 
2. Supply
3. Equilibrium
3. Together - Charting Supply and Demand of Ice Cream
4. Introduction to Surplus vs. Deficit
5. Together - Surplus or Deficit: Ice Cream
6. Debriefing
7. Quiz
8. Partnership Activity: Coffee Shop
1. Discussion
1. How does this activity demonstrate the laws of supply and demand?
2. What decisions were made using the laws of supply and demand?
3. Describe how you might change your results.
4. Did you experience a surplus or deficit during the Lemonade Stand activity?  Explain.
5. How did you try to return to equilibrium?
9.  Muddy Points

Supply and Demand

EQ - How do supply and demand impact pricing strategies for entrepreneurs?

1.       Activator: The Hudsucker Proxy (video)

a.       Why does a business owner lower the prices of the products that they are not selling quickly?

b.       When would a business owner have to raise prices?

c.        What does a price increase communicate to customers about the demand for that product?

2.       Intro to Supply and Demand - econedlink

a.       Law of Demand

                                               i.      Demand Schedule

                                             ii.      Charting Demand

b.       Law of Supply

                                               i.      Supply Schedule

                                             ii.      Charting Supply

3.       AP – How did the Hula Hoop scene indicated the Law od Demand - econedlink

4.       Debriefing

5.       Muddy Point Questionnaire – What makes sense?  What doesn’t?

6.       Similarities between the Hula Hoop and Silly Bands

a.       Background on Silly Bandz (ABC News)

                                         i.      What information is being communicated to the business owner by the $5 price

                                       ii.      What can the business owner do to ensure the Silly Bandz are allocated to the customers who value them most?

b.       AP - What could the producers of Silly Bandz do in order to provide more of their product to their customers?

   7. TOD – Supply and Demand, Lessons from Toy Fads

Entrepreneurial Focus on Economics

 EQ - How do the factors of production impact business decisions?

1. The Role of Businesses & Entrepreneurs
2. Introduction to Factors of Production
3. Project Based Learning Business Breakdown
1. Define your local business
2. What need/want does this business fill?
3. What resources are used to fill this need/want?
4. Classify these resources by type of factors of production
4. TOD - Assessment 2.1 (p. 41)

 EQ - How do supply and demand impact pricing strategies for entrepreneurs?

1. Activator: Supply and Demand Game
2. Vocabulary Review - Opportunity Cost and Scarcity 
3. TPS - Focus on Economics (p. 49)
4. Intro to the S & D curves
1. Demand 
2. Supply
3. Equilibrium
4. Surplus v. Deficit
5. Knowledge Check (Question #1 p. 54)

Imagination Land Giveaway

The Imagination Land Money Giveaway has just announced that you and your team have collectively won an unspecified sum of money but you can be assured it's "enough".

It sounds legit....so CONGRATULATIONS!!!
 You must agree to use the funds to create a business within your community.  You may wonder...

It is completely up to your group.  Its almost that easy.  There are only a few additional requirements which are listed as follows:

1. Describe the business (Purpose, Type of Business, Consumer Needs Being Satisfied)
2. Picture of how the business will operate
3. Describes in detail the Factors of Production needed to operate
4. List of proposed resources to be used including
1. Volume/Amount Needed
2. Cost (Fixed/Variable)
3. Place an asterisk (*) next to each ESSENTIAL resource
5. How many products will you need to sell in order to breakeven?

Please prepare a short (3 minute) presentation to explain your business to the TRIBE TANK

Questions you should ponder include:

1. What is unique about your product?
2. What does it cost to produce?  At what price can it be sold?
3. How much debt do you have?
4. How will you distribute your product?
5. How many competitors exist?
6. How will you best reach your customers?

Connect to the 5 W's of quality writing

1. Who?
2. What?
3. Where?
4. When?
5. Why?

Mr. Hill's Notes

Retrieval, Analyze, Synthesis, & Evaluation