Download Unit 3 Supply/Demand and Market Types

Economics
Unit 3
Title
Supply/Demand and Market Types
What is Demand?
Factors Affecting Demand?
Elasticity of Demand
What Is Supply?
The Theory of Production
Cost, Revenue, & Profit Maximization
How Prices Work
The Effects of Prices
Social, Goals, Prices & Market Efficiency
Competition & Market Structures
Market Failures
The Role of Government
Business & Labor
Forms of Business Organization
Business Growth & Expansion
NonProfit Organizations
Big Idea/Enduring Understanding
Supply, demand and price interact with each other in predictable ways.
Suggested Dates
2 weeks
Chapter 4 PPG. 99-124
Chapter 5 PPG. 125-150
Chapter 6 PPG. 151-178
Chapter 7 PPG. 176-206
Chapter 8 PPG. 209-240
Guiding Questions
What can cause a shift in a demand?
TEKS
CISD 2015-2016
Updated 10/10/16
Content TEKS
Process Skills
1B C 2ABC 5ABDE
6 ABCD
7AB 9AB
11AB 14ABC
22ABCDEF
23ABD
16ABC
18A
● Safety Net Standards
2.B: The student understands the interaction of supply,
demand, and price. The student is expected to identify
the non-price determinants that create changes in supply
& demand, which results in a new equilibrium price.
16.B The student understands types of business
ownership. The student is expected to analyze the
advantages & disadvantages of sole proprietorship,
partnerships, & corporations.
Vertical Alignment Expectations
*TEKS one level below*
*TEKS one level above*
SS TEKS
Sample Assessment Question
The resources included here provide teaching examples and/or meaningful learning experiences to address the District Curriculum. In order to
address the TEKS to the proper depth and complexity, teachers are encouraged to use resources to the degree that they are congruent with the TEKS
and research-based best practices. Teaching using only the suggested resources does not guarantee student mastery of all standards. Teachers must
use professional judgment to select among these and/or other resources to teach the district curriculum. Some resources are protected by copyright.
A username and password is required to view the copyrighted material.
CISD 2015-2016
Updated 10/10/16
Knowledge and Skills with
Student Expectations
Standard
Clarifications
(2) Economics. The student
understands the interaction of
supply, demand, and price. The
student is expected to:
Understanding the
difference
(A) understand the effect of
changes in price on the quantity
demanded and quantity supplied;
(2) Economics. The student
understands the interaction of
supply, demand, and price. The
student is expected to:
(B) identify the non-price
determinants that create changes in
supply and demand, which result in
a new equilibrium price
Supply vs. demand vs.
quantities supplied and
demanded.
How price and quantity
affect one another.
Identify
Non price determinants
cause market shifts.
The demand curve shifts
if there is a change in:
●
●
●
●
●
Number of
consumers
Consumer income
Consumer tastes and
preferences for a
good or service
Price and availability
of substitute good
Price and availability
of a complementary
good.
Or in other words:
● Substitutes
● Compliments
● Exceptions
● Taste
CISD 2015-2016
Updated 10/10/16
Vocabular
y
Equilibrium
Shortage
Surplus
Price
Ceiling
Price Floor
Equilibrium
Shortage
Surplus
Price
Ceiling
Price Floor
Instructional
Strategies
Suggested Resources
Resources listed and categorized to indicate
suggested uses. Any additional resources must be
aligned with the TEKS.
Mjmfoodie – you tube channel (good for all
concepts)
MjMfoodie-YouTube Channel (differentiated
filtering required) ​Change in Demand vs. Change in
Quantity Demanded
MjMfoodie-YouTube Channel (differentiated
filtering required)
Supply
Demand
Econedlink.org lesson
Demand Shifters
Fewer Watts and Fatter Wallets
● Income
The supply curve shifts if
there is a change in:
●
●
●
The number of
producers
The cost of
production
Profit on another
product that can be
made and sold by a
supplier.
(2) Economics. The student
understands the interaction of
supply, demand, and price. The
student is expected to:
Equilibrium
Shortage
Surplus
Price
Ceiling
Price Floor
(C) interpret a supply-and-demand
graph using supply-and-demand
schedules.
(9) Economics. The student
understands types of market
structures.
(9A) describe characteristics and
give examples of pure competition,
monopolistic competition,
oligopoly, and monopoly
CISD 2015-2016
Updated 10/10/16
Market Structures:
Monopoly
Perfect Competition
Monopolistic
Competition
Oligopoly
What is the relationship
between prices & profit
incentives?
What are the
characteristics of a
monopoly?
Patent
License
Franchise
Market
Share
Market
Power
Economy of
Scale
Supply and Demand Curves
(22) Social studies skills. The
student applies critical-thinking
skills to organize and use
information acquired from a variety
of valid sources, including
electronic technology. The student
is expected to:
(A) analyze economic information
by sequencing, categorizing,
identifying cause-and-effect
relationships, comparing,
contrasting, finding the main idea,
summarizing, making
generalizations and predictions,
and drawing inferences and
conclusions;
(22) Social studies skills. The
student applies critical-thinking
skills to organize and use
information acquired from a variety
of valid sources, including
electronic technology. The student
is expected to:
(B) create economic models,
including production-possibilities
curves, circular-flow charts, and
supply-and-demand graphs, to
analyze economic concepts or
issues;
CISD 2015-2016
Updated 10/10/16
(22) Social studies skills. The
student applies critical-thinking
skills to organize and use
information acquired from a variety
of valid sources, including
electronic technology. The student
is expected to:
(E) evaluate economic data using
charts, tables, graphs, and maps;
(23) Social studies skills. The
student communicates in written,
oral, and visual forms. The student
is expected to:
(D) create written, oral, and visual
presentations of economic
information;
Vocabulary
Supply
Equilibrium price
Quantity supplied
Price ceilings
CISD 2015-2016
Updated 10/10/16
Demand
Supply and demand
schedules
Marginal analysis
Price floors
Price
Quantity demanded
Non-price determinates