ECONOMICS BELLWORK

1. Draw a Price Ceiling on a Supply and Demand Graph. Label P, Q, S, D, E and the Shortage or Surplus 2. Draw a Price Floor on a Supply and Demand graph. Label P, Q, S, D, E and the Shortage or Surplus

ANNOUNCEMENTS

Make up quizzes and corrections - TODAY Test - TUESDAY

VERTICAL SUPPLY CURVES

Antiques - Cars, Artwork Tickets - Indoor Events Sports, Concerts

CONCERTS AND TICKETS (140)

Why the long lines? It is hard to tell beforehand what the equilibrium price will be. If there is a shortage people scalp tickets

COST OF LIVING Why is a house in NYC worth more than a house in Memphis? The demand to live in NYC is much higher than the demand to live in Memphis

AT THE MOVIES
Why are there different prices at different times? The supply of seats is the same, but the demand to see a movie on Friday night is greater than the demand to see a movie on Tuesday.

ON THE FREEWAY
The supply of lanes does not change, but the demand to drive at 8am is higher than the demand to drive at 11am Can be xed by charging a toll, forces people to carpool

ON THE GRIDIRON
Why is it harder to make the basketball team at a bigger high school? The supply of spots on the team is the same, but there is a higher demand at a bigger school

ON THE COLLEGE CAMPUS

Why are some colleges harder to get into than others? The higher the demand, the higher the price (GPA, ACT scores) to get in

HIGH INCOME
Why do some jobs get paid more than others? Need to be able to do something that not everyone can do Low Supply of people, High Demand for the job

PAGE 135 - DO YOU SPEAK ECONOMICS?

Directions: I will lead you with a topic, and you will write a normal sentence. Then you will pass it to someone else, who will respond by translating your sentence into Economic terms.

DO YOU SPEAK ECONOMICS?

A sentence about something you like (Food, music, clothes, etc.)
I like Pizza / My demand for pizza is high

A sentence about something that you dont like.

I dont like T-pain / I have a low demand for T-pains music

Something you want, but is hard to get I want that new watch, but its too expensive / I have a high demand for that watch, but the price is too high

YOU PRACTICE

5 sentences of your own, we will switch papers and translate

PAYCHECK 23