Thursday, September 21st, 2006
The Price System
OBJECTIVE
Students shall be able to
identify market equilibrium,
identify market equilibrium graphically,
define equilibrium price,
define equilibrium quantity,
name the two forces that are equal at equilibrium,
explain why the equilibrium price is special,
define surplus,
define shortage,
identify surplus graphically,
identify shortage graphically,
identify the effect of changes in supply and demand on equilibrium price and quantity, and
define indeterminate.
ACTIVITIES
Lecture/discussion: equilibrium and disequilibrium
Students shall create eight graphs to show all possible combinations of changes in supply and demand, and the effect of those changes on equilibrium price and quantity.
Assignment: Take notes. Create the graphs as instructed in class on the right side of your notebook.
ASSESSMENT PROCEDURES
Monitor and adjust, as needed. Check the graphs when notebooks are collected.
TEKS involved: 4A, 4B, 5A, 7A, 7B, 10A, 10B, 19A, 21A, 21B, 23B, 24A, 24B, 24D