The document provides instructions for students returning to class. It tells students to grab their notebooks and get ready for the bellringer activity. It also mentions that absent students should check the absent files for missed work. Students are given 5 minutes to gather their materials.

1. Good afternoon! Welcome back.
When you walk in…
Grab your notebook and get ready for
your bellringer.
If you have been absent, check the
absent files for your work.
Choose six colored pencils from the
box on the table.

2. You have 5 minutes to get everything you
need- notebook, packet, pen/pencil, etc.
5 minutes
End

3. Bellringer 11/13/14
1. Chris produces hoodies that currently sell for $20
each. At that price, he is willing to supply 10
million hoodies. What will happen to the
quantity supplied if he changes the price to $30
each?
2. Madison wants to buy a new phone case. The
one she wants is $15. What will happen to the
quantity demanded if the price changes to $5?

4. Turn and Talk
When the timer begins, turn to the person to your left and
create a memory trick to keep track of the laws of supply and
demand. Try to keep it simple, but use your imagination!
You have 60 seconds!
Turn and Talk
6059585756555453525150494847464544434241403938373635343332313029282726252423222120191817161514131211109876543210

5. Graphing Supply and Demand
Quantity (in millions)
Price
0
$10
$15
$20
$25
$30
$35
75 100 125 150 175 200
Demand for Blue Jeans
Quantity (in millions)
Price
0
$10
$15
$20
$25
$30
$35
75 100 125 150 175 200
Supply for Blue Jeans
Demand Schedule for Blue Jeans
Price Quantity Demanded
$35 75 million
$30 100 million
$25 125 million
$20 150 million
$15 175 million
$10 200 million
Supply Schedule for Blue Jeans
Price Quantity Supplied
$35 200 million
$30 175 million
$25 150 million
$20 125 million
$15 100 million
$10 75 million
Demand
Supply
Law of Demand
Price Quantity
Law of Supply
Price Quantity

6. Equilibrium
When supply and demand are equal; no resources are wasted
Teacher Tip: Say at the
word “equilibrium.” What
other words do you hear
when you say it? Now, try to
predict what the world
“equilibrium” means.

7. Checkpoint
What does equilibrium
mean? Why is it important?

8. Graphing Supply and Demand
Quantity (in millions)
Price
0
$10
$15
$20
$25
$30
$35
75 100 125 150 175 200
Supply and Demand for Blue Jeans
Demand Schedule for Blue Jeans
Price Quantity Demanded
$35 75 million
$30 100 million
$25 125 million
$20 150 million
$15 175 million
$10 200 million
Supply Schedule for Blue Jeans
Price Quantity Supplied
$35 200 million
$30 175 million
$25 150 million
$20 125 million
$15 100 million
$10 75 million
Repeat what you did on the first graph, only this time, put
both supply and demand on the same graph.
1. Mark supply and demand in two different colors.
2. Label supply with an S.
3. Label demand with a D.
4. Mark the equilibrium price in black.
5. Label the equilibrium price with an E.
D
S
E

9. Graphing Supply and Demand for Your Business
Quantity (in millions)
Price
0
$10
$15
$20
$25
$30
$35
75 100 125 150 175 200
Supply and Demand
Demand Schedule
Price Quantity Demanded
$35 75 million
$30 100 million
$25 125 million
$20 150 million
$15 175 million
$10 200 million
Supply Schedule
Price Quantity Supplied
$35 200 million
$30 175 million
$25 150 million
$20 125 million
$15 100 million
$10 75 million
1. Mark supply and demand in two different colors.
2. Label supply with an S.
3. Label demand with a D.
4. Mark the equilibrium price in black.
5. Label the equilibrium price with an E.
6. Draw a line across the equilibrium price.
You have 10 minutes to do
numbers 1-6 on your
project. Raise your hand if
you need help!
5
minutes
End

10. Analyze
What might happen if the
United States had a
severe drought?
What might happen if a
natural disaster hit New
Orleans?
What might happen if
streetcar drivers in New
Orleans went on strike?

11. Shortage
Any price below equilibrium
Too much demand and not enough supply
Producers/suppliers need to raise price
What do you think the word
“shortage” means? Predict!

12. Surplus
Any price above equilibrium
Too much supply and not enough demand
Producers/suppliers need to lower price
What do you think the word
“surplus” means? Predict!

13. Graphing Supply and Demand
Quantity (in millions)
Price
0
$10
$15
$20
$25
$30
$35
75 100 125 150 175 200
Supply and Demand for Blue Jeans
Demand Schedule for Blue Jeans
Price Quantity Demanded
$35 75 million
$30 100 million
$25 125 million
$20 150 million
$15 175 million
$10 200 million
Supply Schedule for Blue Jeans
Price Quantity Supplied
$35 200 million
$30 175 million
$25 150 million
$20 125 million
$15 100 million
$10 75 million
Repeat what you did on the first graph.
1. Mark supply and demand in two different colors.
2. Label supply with an S.
3. Label demand with a D.
4. Mark the equilibrium price in black.
5. Label the equilibrium price with an E.
6. Draw a line across the equilibrium price.
7. Above the equilibrium price, write Surplus.
8. Below the equilibrium price, write Shortage.
D S
E
Shortage
Surplus

14. Questions for Review
1. What happened to the quantity
demanded when the price fell?
It rose
2. What happened to the quantity
demanded when the price rose?
It fell
3. What happened to the quantity
supplied when the price fell?
It fell
4. What happened to the quantity
supplied when the price rose?
It fell
Remember, we ALWAYS raise our hands to answer
questions!

15. Questions for Review
5. At which price was equilibrium
found?
$22.50
6. At which price would a surplus
begin?
$22.51
7. At which price would a
shortage begin?
$22.49
Remember, we ALWAYS raise our hands to answer
questions!

16. 6059585756555453525150494847464544434241403938373635343332313029282726252423222120191817161514131211109876543210
Brain Break

17. 1. To protect
consumers from
high prices
2. To protect
producers from
losses
1. To produce
products the
government thinks
are important
Why do we have price controls?

18. Checkpoint
Why do we have price
controls?

19. Turn and Talk
When the timer begins, turn to the person next to you and
discuss what you think price floors and price ceilings are.
Record your ideas in your notebooks! You have 60 seconds.
Price Ceilings and Floors
6059585756555453525150494847464544434241403938373635343332313029282726252423222120191817161514131211109876543210

20. Price
Ceiling
Maximum price that a
good or service can be
sold at
Minimum price that a
good or service can be
sold at
Price
Floor
Type Definition
Government
says gas cannot
cost more than
$4 per gallon
Government
says cigarettes
cannot cost less
than $5
Example
Price Ceilings vs. Price Floors

21. Why do we have price controls?
Price
Ceiling
legal maximum for a price
(not above the ceiling)
legal minimum for a price
(not below the floor)
Price
Floor
Type Definition
Rent
Gasoline
Example
Shortage
Surplus
Problem

22. Checkpoint
Give your own example
of a price ceiling.

23. Checkpoint
Give your own example
of a price floor.

24. Graphing Supply and Demand
Quantity (in millions)
Price
0
$10
$15
$20
$25
$30
$35
75 100 125 150 175 200
Supply and Demand for Blue Jeans
Demand Schedule for Blue Jeans
Price Quantity Demanded
$35 75 million
$30 100 million
$25 125 million
$20 150 million
$15 175 million
$10 200 million
Supply Schedule for Blue Jeans
Price Quantity Supplied
$35 200 million
$30 175 million
$25 150 million
$20 125 million
$15 100 million
$10 75 million
Repeat what you did on the first graph.
1. Mark supply and demand in two different colors.
2. Label supply with an S.
3. Label demand with a D.
4. Mark the equilibrium price in black.
5. Label the equilibrium price with an E.
6. Draw a line across the equilibrium price.
7. Above the equilibrium price, write Surplus.
8. Below the equilibrium price, write Shortage.
9. Draw a line across the price floor and label it.
10. Draw a line across the price ceiling and label it.
D
S
E
Price
Floor
Price
Ceiling

25. Group Work
You have 10 minutes with your group to
apply what we learned today to the
problem on the board.
Pay attention to the directions!
Recorder
Writes down the
group’s ideas and
answers using neat
handwriting
Time Keeper
Helps keep the group
on task and reminds
the group when time
is halfway up
Leader
Makes sure all group
members’ ideas are
heard; keeps group
on task
Presenter
Presents the group’s
work to the class in a
clear voice
Errand Monitor
Gets the group’s
supplies and asks
teacher for help
when needed

26. 1. How much of a shortage would there be?
1. How much of a surplus would there be?
Graphing Supply and Demand
Quantity
Price(perliter)
0
$1.50
$2.00
$2.50
$3.00
$3.5
0
$4.0
0
200 220 240 260 280 300
Supply and Demand for Blue Jeans
Demand Schedule for Gasoline
Price (per liter) Quantity Demanded
$4.00 200
$3.50 220
$3.00 240
$2.50 260
$2.00 280
$1.50 300
Supply Schedule for Gasoline
Price (per liter) Quantity Supplied
$4.00 300
$3.50 280
$3.00 260
$2.50 240
$2.00 220
$1.50 200
1. Mark supply and demand in two different colors.
2. Label supply with an S.
3. Label demand with a D.
4. Mark the equilibrium price in a dark color.
5. Draw a line across the equilibrium price.
6. Label the equilibrium price with an E.
7. Draw a line across the price ceiling and label it.
8. Draw a line across the price floor and label it.
9. Locate the shortage area, shade it in, and label it.
10. Locate the surplus area, shade it in, and label it.
D S
E
Price Ceiling: $2.25 Price Floor: $3.25
PC
PF
Shortage
Surplus
Price Ceiling: $2.00
Price Floor: $3.50
Shortage: 60
Surplus: 60
Check your work! If you did not get this
answer, please raise your hand.

27. 1. Consider what we learned today about price controls.
Do you think that price controls are a good idea for our
country? Why or why not? You must defend your answer!
2. If you could choose one good or service to make a price
ceiling or price floor for, what would it be? Where would
you set the price? Why? You must defend your answer!
Remember, we ALWAYS write in complete sentences!
Exit Ticket 11/13/14