Unit # 01
Introduction to Economics

Section 2
Tools of the Economist: Supply and Demand

Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.

 

Concept Textbook Pages Internet Options
Vocabulary
words: supply, law of supply, law of demand, equilibrium, shortage, surplus, and elasticity. 
Chapters 4,5, and 6 Quizlet - this is an online program that allows students to make flash cards.  You may select from any of the study and game options listed on the page.
Law of Demand   Video - Overview of the Law of Demand and how it is graphed.  (Khan
             Academy)
Video - Overview of the Law of Demand and how it is graphed.  (Same
             as above but saved on Econ Central)
Difference between change in demand and change in quantity demanded   Video - Overview of changes in demand vs. changes in quantity
             demanded (YouTube video)

Video - Overview of changes in demand vs. changes in quantity
             demanded (Same as above but saved on Econ Central)

Law of Supply   Video - Overview of the Law of Supply and how it is graphed.  (Khan
             Academy)
Video - Overview of the Law of Supply and how it is graphed.  (Same
             as above but saved on Econ Central)
Equilibrium   Video - Overview of the Equilibrium.  (Khan Academy)
Video - Overview of the Equilibrium  (Same as above but saved on
             Econ Central)
Shortage and Surplus   Video - Overview of shortage and surplus on a S/D Graph  (YouTube)
Video - Overview of shortage and surplus on a S/D Graph  (Same as above but saved on Econ Central)
     

Quizzes