Supply and Demand Continued

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

1. Activator: The Hudsucker Proxy (video)
1. Why does a business owner lower the prices of the products that they are not selling quickly?
2. When would a business owner have to raise prices?
3. What does a price increase communicate to customers about the demand for that product?
2. Review Supply and Demand - econedlink
1. Law of Demand
1. Demand Schedule
2. Charting Demand
2. Law of Supply
1. Supply Schedule
2. Charting Supply
3. AP – How did the Hula Hoop scene indicated the Law of Demand - econedlink
4. Debriefing
5. Muddy Point Questionnaire – What makes sense?  What doesn’t?
6. Similarities between the Hula Hoop and Silly Bands
7. Silly Bands - Case Study
1. Background on Silly Bandz (USA Today)
2. The End of a Trend (USA Today)
8. AP - What could the producers of Silly Bandz do in order to provide more of their product to their customers?
9. TOD – Supply and Demand, Lessons from Toy Fads

Supply and Demand

 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)

Entrepreneurial Economics

Today's class will begin with our final group's presentation.

1. Classroom Discussion
1. What went well?
2. What did you learn?

 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)

Project Based Learning

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