E Unit 3 – Microeconomics

Content Statements Addressed

  • E CS 5, E CS 6
  • Four weeks of instruction

Essential Question

 

Learning Targets

  • Define supply, demand, price, equilibrium, shortage, surplus
  • Analyze the relationship between price and quantity when a ceiling or floor is implemented
  • Explain how elasticity of products effects pricing
  • Explain what changing competition effects price and quality of goods and services
  • Predict the effects on price from shortages and surpluses in the market
  • Graph supply and demand to determine an equilibrium price and quantity

Learning Strategies

  • Find definitions for the vocabulary terms of the unit
  • Construct a supply and demand graph, labeling each axis and curve as well as equilibrium
  • Complete graphing packet demonstrating shifts in supply and demand
  • Interpret elasticity of a good or service by looking at the slope of the demand curve
  • Calculate the total receipts test in order to determine price elasticity

Emergent:

  • Pull data from a supply and demand schedule to create a supply and demand graph

Advanced:

  • Solve for elasticity

Assessment Evidence

Supply and Demand Graphs
Chapter Quizzes
Unit Test

Vocabulary

  1. Equilibrium –
  2. Supply –
  3. Demand –
  4. Elasticity –
  5. Shortage –
  6. Surplus –

Resources
Critical Thinking S/D
Packet 7 – S/D Practice
Advertising Activity