Monday, April 20, 2020

9.1 and Price Adjustment: Glencoe Economics Chapter 6

Price Adjustment: Glencoe Economics Chapter 6    

surplus is a situation in which the quantity supplied is greater than the quantity demanded at a given price. Therefore, the price tends to go down as a result of the surplus.  On the other hand, a shortage is a situation in which the quantity demanded is greater than the quantity supplied at a given price. As a result, both the price and the quantity supplied will go up in the next trading period.

Directions: To further explain the Supply and Demand, watch the following lesson and answer the questions below. Post your answers.
Demand and Supply Price Adjustment




Questions: Recall a recent visit to an area shopping mall or online vendor and look for examples of surpluses and shortages. List 5 to 10 items for each concept. Note that almost any sale or clearance item can be an example of a surplus, while rain checks or sold-out items signal a shortage. Post your list of surplus and shortage items.Also write a brief paragraph in which you hypothesize as to why the surplus or shortage occurred.

Thursday, March 26, 2020

8.3 due 4/3 Chapter 7 Market Structures

Chapter 7 Market Structures










Adam Smith on Self-Interest (Document A)


Adam Smith was a Scottish professor that strongly believed in the idea of a free economy. His ideas were the foundation of Capitalism.  In this passage  from his book The Wealth of Nations, Adam Smith discusses his law of self-interest, which is the idea that people work for their own good.     


“The natural desire of every individual is to improve his own condition (life).  
For example, it is not because of the benevolence (kindness) of the butcher, the brewer, or the baker that we expect our dinner, but from their regard for their own self-interest
It is for his own benefit, and not that of the society, that the butcher is thinking about when he slaughters his pigs for meat. His self-interest leads him to choose that employment (job) which is also helpful to society, but he intends (desires) only his own gain. If people were not willing to pay the butcher good money for his meat, then the butcher would not care to slaughter his pigs.”

Guiding Questions
  1. Analyze: What does Smith mean when he says “the natural desire of every individual is to improve his own condition”? Explain.





  1.  Summarize. Why does Adam Smith believe the butcher does his job (EXPLAIN! Don’t just say “self-interest!”)?





  1. Interpret: Do you agree with Adam Smith that people do their jobs only out of self-interest? Are there any jobs that people might do for a different reason? Explain. 

Monday, February 24, 2020

7.1 Economic Quiz

Economic Literacy Quiz


How much economic knowledge do you have?

Directions:  Test your own economic literacy with 20 questions.Then view results to see how you rank against everyone else who has taken the quiz. Post your answers to the following questions below the quiz link. 

Take the Quiz

Thanks! 

1. Did you score above or below the national average of 70%? Post your answer to this question. 

2. What experience do you have with economics? 

3. What would you like to learn more about regarding economics in this class?

6.3 - 6.4 Due 2/28 Valentine's Day Rose Economics

I, ROSE: VALENTINE’S DAY MEETS ECONOMICS

Free Market: A Price is a Signal Wrapped Up in an Incentive


Valentine’s Day Red Roses

 Directions: Watch the video link. Read the following questions and post your answers:


1. List products from other countries are easily available at a supermarket?
2. Search online for “Starbucks supply chain” and also look for the infographic showing the places in the world where Starbucks buys its cofee, sugar, and paper. 

3. Take a simple product and trace its origins as far as you can noting that each supplier itself has suppliers and so do each of the suppliers’ suppliers. Share your simple product and the origins of each supplier.

Tuesday, February 4, 2020

6.1 and 6.2 due on 2/7 What is your Economic Literacy?


Economic Literacy Quiz


How much economic knowledge do you have?

Directions:  Test your own economic literacy with 20 questions.Then view results to see how you rank against everyone else who has taken the quiz. Post your answers to the following questions below the quiz link. 

Take the Quiz


1. Did you score above or below the national average of 70%? Post your answer to this question. 

2. What experience do you have with economics? 

3. What would you like to learn more about regarding economics in this class?