Economics  Supply and Demand   Principles of Marketing B
Warm-up <ul><li>In a free enterprise system, who decides which products will be produced and which companies will stay in ...
Agenda <ul><li>Warm-up </li></ul><ul><li>Hand back and review test </li></ul><ul><li>3.2 Role of the Consumer </li></ul>
Economics Overview <ul><li>Free Enterprise System </li></ul><ul><ul><li>Freedom of ownership </li></ul></ul><ul><ul><li>Co...
Economics Overview <ul><li>Government and Consumer Functions </li></ul><ul><ul><li>Role of the Government </li></ul></ul><...
The Role of the Consumer <ul><li>Consumer has two major roles </li></ul><ul><ul><li>1. Decides which products and business...
Role of the Consumer <ul><li>1. Decides which products and businesses will survive </li></ul><ul><ul><li>Voting with your ...
Role of the Consumer <ul><li>2. Determines prices </li></ul><ul><ul><li>Supply and demand determine prices </li></ul></ul>...
Determining Prices <ul><li>What is supply? </li></ul><ul><ul><li>Amount of goods producers are wiling to make and sell </l...
Law of Supply
Determining Prices <ul><li>What is demand? </li></ul><ul><ul><li>Consumers willingness and ability to buy products </li></...
Law of Demand
Determining Prices <ul><li>Think-Pair-Share </li></ul><ul><li>What is a surplus? </li></ul><ul><li>Predict what happens to...
Determining Prices <ul><li>Think-pair-share </li></ul><ul><li>What is a shortage? </li></ul><ul><li>Predict what happens t...
Determining prices <ul><li>Think-Pair-Share </li></ul><ul><li>What is equilibrium? </li></ul><ul><li>Predict what happens ...
Equilibrium
Exit Slip <ul><li>1. Explain the difference between price and market price. </li></ul><ul><li>2. How does supply and deman...
References: <ul><li>http://www.4thringroad.com/wp-content/uploads/2009/06/gasoline-supply-demand.jpg </li></ul><ul><li>htt...
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Economics

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Transcript of "Economics "

  1. 1. Economics Supply and Demand Principles of Marketing B
  2. 2. Warm-up <ul><li>In a free enterprise system, who decides which products will be produced and which companies will stay in business? Explain. </li></ul><ul><li>Book check and note check </li></ul>
  3. 3. Agenda <ul><li>Warm-up </li></ul><ul><li>Hand back and review test </li></ul><ul><li>3.2 Role of the Consumer </li></ul>
  4. 4. Economics Overview <ul><li>Free Enterprise System </li></ul><ul><ul><li>Freedom of ownership </li></ul></ul><ul><ul><li>Competition </li></ul></ul><ul><ul><ul><li>Price verses non price competition </li></ul></ul></ul><ul><ul><ul><li>Monopolies </li></ul></ul></ul><ul><ul><li>Risk </li></ul></ul><ul><ul><li>Profit </li></ul></ul><ul><ul><ul><li>Economic Cost verses economic benefit </li></ul></ul></ul>
  5. 5. Economics Overview <ul><li>Government and Consumer Functions </li></ul><ul><ul><li>Role of the Government </li></ul></ul><ul><ul><ul><li>1. Provider of Services </li></ul></ul></ul><ul><ul><ul><li>2. Supporter of Business </li></ul></ul></ul><ul><ul><ul><li>3. Regulator </li></ul></ul></ul><ul><ul><ul><li>4. Competitor </li></ul></ul></ul><ul><ul><li>Role of the Consumer </li></ul></ul>
  6. 6. The Role of the Consumer <ul><li>Consumer has two major roles </li></ul><ul><ul><li>1. Decides which products and businesses will survive </li></ul></ul><ul><ul><li>2. Determines prices </li></ul></ul>
  7. 7. Role of the Consumer <ul><li>1. Decides which products and businesses will survive </li></ul><ul><ul><li>Voting with your purchases </li></ul></ul>
  8. 8. Role of the Consumer <ul><li>2. Determines prices </li></ul><ul><ul><li>Supply and demand determine prices </li></ul></ul><ul><ul><li>Price verses Market Price </li></ul></ul>
  9. 9. Determining Prices <ul><li>What is supply? </li></ul><ul><ul><li>Amount of goods producers are wiling to make and sell </li></ul></ul><ul><ul><ul><li>Law of supply </li></ul></ul></ul><ul><ul><ul><ul><li>When prices are high, supply will rise </li></ul></ul></ul></ul><ul><ul><ul><ul><li>When prices fall, supply will fall </li></ul></ul></ul></ul>
  10. 10. Law of Supply
  11. 11. Determining Prices <ul><li>What is demand? </li></ul><ul><ul><li>Consumers willingness and ability to buy products </li></ul></ul><ul><ul><ul><li>Law of demand </li></ul></ul></ul><ul><ul><ul><ul><li>When prices fall demand will rise </li></ul></ul></ul></ul><ul><ul><ul><ul><li>When prices rise demand will fall </li></ul></ul></ul></ul>
  12. 12. Law of Demand
  13. 13. Determining Prices <ul><li>Think-Pair-Share </li></ul><ul><li>What is a surplus? </li></ul><ul><li>Predict what happens to supply and demand during a surplus. </li></ul><ul><ul><li>When supply exceeds demand </li></ul></ul><ul><ul><ul><li>Example: produce </li></ul></ul></ul>
  14. 14. Determining Prices <ul><li>Think-pair-share </li></ul><ul><li>What is a shortage? </li></ul><ul><li>Predict what happens to supply and demand during a shortage. </li></ul><ul><ul><li>When demand exceeds supply </li></ul></ul>
  15. 15. Determining prices <ul><li>Think-Pair-Share </li></ul><ul><li>What is equilibrium? </li></ul><ul><li>Predict what happens to supply and demand during a equilibrium. </li></ul><ul><ul><li>When demand equals supply </li></ul></ul><ul><ul><ul><li>Everyone wins </li></ul></ul></ul><ul><ul><ul><ul><li>Consumers get a fair price </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Retailers have a steady flow of business </li></ul></ul></ul></ul>
  16. 16. Equilibrium
  17. 17. Exit Slip <ul><li>1. Explain the difference between price and market price. </li></ul><ul><li>2. How does supply and demand interact to determine price in our free enterprise system? </li></ul><ul><li>3. You are the producer of a new game for PS3. There is a high demand for the new game. Predict what will happen to price if the demand is high and the supply is low. </li></ul><ul><li>4. Write down one thing we discussed today that you didn’t understand well. </li></ul><ul><li>Visit msmccoyprinciples.edublogs.org for PowerPoint </li></ul>
  18. 18. References: <ul><li>http://www.4thringroad.com/wp-content/uploads/2009/06/gasoline-supply-demand.jpg </li></ul><ul><li>http://www.investopedia.com/university/economics/economics3.asp </li></ul>

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