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Economics Unit 2 Chapters 5-7 Chapter 5 Summary Demand and supply are the two forces that make market-based economies work. Demand reflects what consumers are willing and able to purchase at various prices. Price is related to the quantity of goods that consumers want and procedures will provide, with many variables playing a role (economic downturn). Objectives At the conclusion of this chapter, students will be able to… Understand how demand and price interact. Identify reasons for changes in demand. Understand how supply and price interact. Evaluate the impacts on supply. Define demand elasticity and the factors that influence it. Define supply elasticity and the factors that influence it. Plan Day 1 Define Vocab terms Chapter 5 PPT Part I Learning Log Day 2 Chapter 5 PPT Part 2 Group Questions Quiz Chapter 5 Learning Log Vocab Demand Law of demand Substitute good Complementary good Supply Law of supply Revenue Elasticity Questions 1. How do demand and price interact? 2. What can cause demand to change? 3. How do supply and price interact? 4. What can cause supply to change? 5. What is demand elasticity and what factors influence it? 6. What is supply elasticity and what factors influence it? Chapter 6: Markets, Equilibrium, & Prices Summary: In a free market, demand and supply automatically moves prices to equilibrium, the point at which quantity demanded equals quantity supplied. Objectives At the conclusion of this chapter, students will be able to… The impact of when demand meets supply. Examine what happens when the price “isn’t right.” Evaluate the impact of shifts in supply and demand. Analyze the role prices play in a modern mixed economy. Examine the role of government intervention. Plans Day 3 Vocab Chapter 6 PPT Learning Log Day 4 Questions Quiz Learning Log Vocab Market Equilibrium Equilibrium price Equilibrium quantity Price controls Price floor Price ceiling Rationing Black market Questions 1. What happens when demand meets supply? 2. What happens when the price is not “right?” 3. How do shifts in supply and demand affect markets? 4. What role do prices play in a modern mixed economy? 5. How does government intervention affect markets? Chapter 7: Market Structures and Market Failures Summary: There are four basic market structures, each with different characteristics. Because only one of these structures is perfectly competitive, economists classify the other three as examples of imperfect competition and, therefore, as market failures. Objectives At the conclusion of this chapter, students will be able to… Understand what happens when the market does not operate perfectly. Understand the differences between perfect competition, monopoly, and oligopoly. Identify the differences between private and public goods. Plans Day 5 Vocab Chapter 7 PPT Learning Log Day 6 Questions Quiz Learning Log Vocab Market Structure Perfect Competition Monopoly Oligopoly Monopolistic competition Market Failure Externality Public Goods Questions 1. What is a monopoly and why are they illegal in the U.S. economy? 2. What is better for the U.S. economy…Private Goods or Public Goods? Explain your response. 3. What is global warming? What causes it? What is the best way to address it? Plans Day 7 Unit Summation Activity Unit 2 Test Summation Activity: Look at the cartoon below and answer the questions. 1. What is the main idea in the cartoon? 2. What does the cartoonist think about tax cuts? Explain. 3. Do you agree with the cartoonist’s opinion about tax cuts? Explain your response.