Tuesday, March 5, 2019

7.4 Demand Elasticity: Glencoe Economics, Chapter 4

Demand Elasticity: Glencoe Economics, Chapter 4 





Directions:View the Elasticity of Demand video. Answer the following question. Post your answers


Questions

1.) Define elasticity of demand.

2.) Provide examples of price elasticity. 

3.) Define inelastic Demand. Provide examples of  

4.) Explain how price can affect demand?

7.3 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


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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.

Tuesday, February 19, 2019

6.4 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?

Tuesday, February 12, 2019

6.3 Valentine's Day, I Rose

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 5, 2019

6.2 State of the Union Address

State of the Union Address

Directions: Watch the State of the Union Address on 2/5/19. If you missed the address, please read The History of the State of the Union Address .  Review the list of Presidential Roles below. Find examples from the History of the State of the Union Address address in which the President  can execute a specific role from the list below. Take notes during the address and answer the questions below. Post your answers.




PRESIDENTIAL ROLES

Chief Executive

Powers:

  • Implements/Enforces Laws, Treaties, Court Decisions, etc.

  • Appoints officials to office and can fire them

  • Issues executive orders

Checks:




Chief Legislator

Powers:

  • Proposes legislation

  • Vetoes legislation

  • Message power

  • Calls special sessions of Congress

  • Makes State of the Union Address to Congress

Checks:




Commander in Chief

Power:

  • Head of the armed forces

Checks:  




Chief Diplomat

Powers:

  • Sets overall foreign policy

  • Appoints and receives ambassadors

  • Negotiates treaties and executive agreements

  • Gives diplomatic recognition to foreign governments

Checks:  





Head of State

Powers:

  • Ceremonial leader of nation

  • Living symbol of the nation

Checks:




Chief Jurist

Powers:

  • Appoints federal judges

  • May issue pardons, amnesty, commutations, reprieves to people convicted of federal crimes

Checks:





Chief Administrator

Powers:

  • CEO of federal bureaucracy, with its millions of employees and trillions in annual spending

Checks:




Non-Constitutional Roles

Head of Political Party:

  • Selects Vice Presidential nominee

  • Midterm election support of candidates in his/her party

  • Primary fundraising force

Chief Economist:

  • Responsible for overall economic health

  • Nominates the Federal Reserve Board of Governors

  • Proposes federal budget

Chief Citizen:

  • Representative of the American people

  • Provides moral leadership


Questions: 
 Review the list above of Presidential duties. Watch or read the State of the Union Address. Find examples from the address in which the President speaks under the authority or role of one of the Presidential duties related to the ECONOMY or ECONOMICS listed above. For instance; when the President discusses the economy, he is the Chief Economist.
Select 3 Presidential Rolls and give an example for each roll from the State of the Union Address in which the President executes the specific role. Explain the role and how your example demonstrates that role. 

Monday, January 28, 2019

6.1 Economics Touchdown!

ECONOMIC TOUCHDOWN!!! PRODUCT LAUNCH!!!



Super Bowl

Directions: Complete the Back-Ground Research and Market Analysis sections below. Post the following on the discussion board:
  • Brainstorm a product to be successfully sold during Super Bowl weekend. 
  • Discuss the pros and cons of your product in 200-300 words. 
  • product name 
  • 2 or 3  pro/con points of your product
  • who is the targeted consumer (who will buy it)
  • how will your product be distributed (where will you sell your product)

This class is about economics! Soon approaching is the Super Bowl!  Your advertising firm has just been hired to to develop a marketing campaign for a product related to the Super Bowl. Your product must be realistic, legal, and one that minors can purchase. 

Back Ground Research:Familiarize yourself with the particular economics of the Super Bowl. View one or more of the following articles:

http://www.thedailymeal.com/entertain/12-things-you-might-not-know-about-super-bowl

https://nrf.com/media/press-releases/184-million-americans-watch-2015-super-bowl-according-nrf-survey

Market Analysis

Brainstorm a product to be successfully sold during Super Bowl weekend. 
Discuss the pros and cons of your product in 200-300 words. Include the following:
  • product name 
  • 2 or 3  pro/con points of your product
  • who is the targeted consumer (who will buy it)
  • how will your product be distributed (where will you sell your product and how will it get to market)