AP Economics
Economics isn’t just something you find in a textbook. It can be a potent tool to right past wrongs and improve people’s lives. - Janet Yellen
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Happy ThanksgivingYour to-do list
Your to-do listPlease take out your notes from the last class on the Effects of Government Interventions in Markets (2.8) and make sure that you have the notes on International Trade and Public Policy (2.9) International Trade and Public Policy (2.9)So far we've only focused on domestic markets. What happens in the marketplace when we begin to consider what foreign competition will do to it.
Your to-do listPlease grab the notes for both of the topics that we will cover today. The Effects of Government Intervention in Markets (2.8)The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.” ― Thomas Sowell, Is Reality Optional? and Other Essays From the point of view of economists, politicians do a pretty awful job when it comes to intervening in the economy. Let’s take a look at why. International Trade and Public Policy (2.9)So far we've only focused on domestic markets. What happens in the marketplace when we begin to consider what foreign competition will do to it. Coming upWednesday, 11/17: Unit 2 Review Day, Unit 2 Ultimate Review Packet Part 2 due
Friday, 11/19: Unit 2 Exam, Unit 2 Graphing Test due Tuesday, 11/23: Unit 2 Exam FRQ Make Up day Your to-do listPlease take out your notes from the last class on Market Disequilibrium and Changes in Equilibrium (2.7) Test your knowledgeLet’s check out your knowledge with the topic questions on Market Disequilibrium and Changes in Equilibrium (2.7). The Effects of Government Intervention in Markets (2.8)The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.” ― Thomas Sowell, Is Reality Optional? and Other Essays From the point of view of economists, politicians do a pretty awful job when it comes to intervening in the economy. Let’s take a look at why.
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Supply and Demand Shifts and their impact on Consumer and Producer Surplus
Who wins and loses when the supply and demand curve shift? We may have to do some drawing and some math to find out.
Double Shifts
What happens when the supply and demand curves shift at the same time? It gets complicated and can end in disaster trying to figure it out but with a little practice you should be fine.
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Please take out your notes on Market Equilibrium and Consumer Surplus. We'll pick up where we left off last class.
Consumer and Producer Surplus
Who wins in all these transactions in the marketplace? The consumer? The producer? And by how much? Let's look at Consumer and Producer Surplus
Markets in Disequilibrium
What happens when supply doesn't line up with demand? Even though markets are supposed to head towards equilibrium they don't always do so. See if you can brainstorm a few.
Kid Rock takes on the scalpers
Sales for tickets to big events are rarely in equilibrium but Kid Rock may have found a solution to that issue. NPR's Planet Money did a quick five minute version their story but there is a more detailed version as well.
What's next
November 8th, 10th, and 15th: Topics 2.7, 2.8. and 2.9
November 17th: Review Day, Part 2 of Ultimate Review Packet Due November 19th: Unit 2 Graphing Test, Unit 2 Exam Your to-do list
Changing Supply and DemandGet more practice with shifts in supply and demand with the two interactives below. You can click on the images below to access them or go to Google Classroom. When you are done, please upload images of your scores to Google Classroom. Equilibrium Price and QuantityAfter all this movement of Supply and Demand Curves, let's get them back to equilibrium. Please grab the activity under Market Equilibrium and Consumer and Producer Surplus (2.6). Consumer and Producer SurplusWho wins in all these transactions in the marketplace? The consumer? The producer? And by how much? Let's look at Consumer and Producer Surplus Markets in DisequilibriumWhat happens when supply doesn't line up with demand? Even though markets are supposed to head towards equilibrium they don't always do so. See if you can brainstorm a few. Kid Rock takes on the scalpersSales for tickets to big events are rarely in equilibrium but Kid Rock may have found a solution to that issue. NPR's Planet Money did a quick five minute version their story but there is a more detailed version as well.
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