Aim: How can the supply curve be used as a "tool" for studying markets?
Bell Ringer: Journal 26 – Draw a Supply Curve graph. Choose a product and describe its supply curve. You may want to look up supply curves in your textbook or online.
Objectives:
1. Students will define supply, demand, quantity supplied, and quantity demanded; graphically illustrate situations that would cause changes in each, and demonstrate how the equilibrium price of a product is determined by the interaction of supply and demand in the market place.
2. Students will graph and explain how firms determine price and output through marginal cost analysis.
Agenda:
1. Bell Ringer (15 min)
2. Supply worksheet (15 min)
3. Have students work on a concept map about their assigned section of the What is Supply? note-taking guide. (rest of class)
Home Learning:
- 1. Read "Case Study" on page 126 / Complete Supply Concept Map
- 2. Application of Supply (page 2 of ‘Law of Supply Worksheet’)
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