1.1 Competitive markets; market equilibrium; the role of the price mechanism; market efficiency10/18/2018
Market equilibrium
This is where we bring demand and supply together... X marks the spot! You will receive a packet of resources that we will use to meet the objectives above.
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The law of supply
Firstly I want you to watch the video and answer the questions on this form Now that we've done demand, supply should be easy as we are dealing with the same things but from the producer's point of view rather than the consumer... and you have to know/do the same things - the law of supply (hint: it's the opposite of the law of demand!), draw a supply curve, distinguish between a movement along the supply curve (because price changes) and a movement of the supply curve (when something other than price changes.... the ceteris paribus conditions). Once again, you will be given a couple of handouts with some tasks to do to fulfill these objectives. The non-price determinants of demand (factors that change demand or shift the demand curve)
We will discuss the responses to the Google Form, write some definitions and do some tasks. Next class you will have a quiz on demand (academic practice). The nature of markets
First up.... what are markets? Click here for task. Next we will consider demand. We will watch the video and discuss and then you will be given a copy of a document to complete (also linked here). And there will be homework! I will email you a Google Form which contains a short video to watch and questions to answer. This needs to be completed before the next class. First task is for your pair to complete your contribution to the shared Google doc (started Tuesday)
"You will be assigned a number of goals. Use this website to discover more about the goals https://www.un.org/sustainabledevelopment/sustainable-development-goals/ For each goal - provide two pieces of evidence on progress and two pieces of evidence of lack of progress made and add these to the shared Google Doc Sustainable Development Goals. We will then make Flipgrid videos based on this information." Then you need to make your video... practice it first to make sure you know what you are doing. For filming using your computer web cam, the link is https://flipgrid.com/4388bd (make sure you use your school email address)... or you can film using your phone by downloading Flipgrid app and entering code 4388bd. "For the assigned goals create a video about the progress/lack of progress (gap) made - each pair must speak of 10 different things - with at least one area of progress and one gap for each goal (e.g. Goals 1-3 might be 2 things for Goal 1, 3 for Goal 2, 5 for Goal 3). Decide together what are the most significant areas of progress/gaps. You can use the 😀/😔 if you don't want to be seen but don't forget to speak loudly enough. State the actual goal first, then the points you wish to make." We will watch the videos on Monday. If you finish early then please make a head start on the next topic - go to Kognity and read the first Microeconomics topic... 1.1 Competitive Markets: Demand and Supply |
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March 2021
Maree SpraggonTeacher of IB Economics at the American School of Budapest Categories |