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EconomicsMr. KirbyCHSUnit 2: Lesson 7

Unit 2 Assessment ReviewConcentration on these slides is guarantied to improve your economics grade.

Warning2We will be using Cornell Note Taking Format Today! Relax and enjoy the ride in Econ. Class!

Dont be a victim.. Own the day!Unit Two: Learning Objectives:North Clackamas School District Social Studies Priority Standards:HS.51 (A): Explain how supply and demand represents economic activity and describe the factors that cause them to shift.

Perfect competitionCommoditiesMonopolyLesson one: Daily Learning TargetsI can define and explain the following economic concepts:

Dream Big and then.Dream Bigger!!!!

Go directly to your notes. Do not pass go. Do not collect $200!:5ECONOMICS: Unit 2 Review QuestionsPlan your work and work your plan!

EconomicsMr. Kirby: Was it Mouse Trap and Typing?Price goes downDemand goes sideways?I should have takenCornell Notes Everyday!

ECON,ECON!!!6

A decrease in income if spam is an inferior good would: a. increase D, increase P, & increase Q.b. increase D, increase P, & decrease Q. c. increase S, increase P, & increase Q.d. decrease D, increase P, & increase Q.2. An increase in the price of resources used to produce DVD Players will: a. increase S, increase P, & increase Q.b. increase D, increase P, & increase Q. c. decrease S, decrease P, & decrease Q.d. decrease S, increase P, & decrease Q.3. Decrease in price of butter on the market for the substitute margarine: a. increase D, increase P, & decrease Q.b. decrease D, decrease P, & increase Q. c. decrease D, increase P, & decrease Q.d. do none of the above4. An improvement in technology used to produce DVDs will: a. decrease S, increase P, & decrease Q.b. decrease S, increase P, & increase Q. c. increase S, decrease P, & increase Q.d. decrease D, decrease P, & decrease Q.5. An increase in the number of consumers for iFuzzy iWuzzies: a. decrease S, decrease P, & decrease Q.b. increase D, increase P, & increase Q. c. decrease D, decrease P, & decrease Q.d. decrease D, decrease P, & increase Q.

Effect of Changes in D or S on Price and Quantity

6. An increase in taste for iFuzzy iWuzzies would: a. increase D, increase P, & increase Q.b. decrease D, increase P, & decrease Q. c. increase S, increase P, & increase Q.d. decrease D, decrease P, & decrease Q.7. A reduction in the number of firms producing laptops: a. increase S, increase P, & increase Q.b. increase D, increase P, & increase Q. c. decrease S, increase P, & decrease Q.d. decrease S, decrease P, decrease Q.8. A decrease in the price of pancakes, a complement for syrup would: a. increase D, increase P, & decrease Q.b. decrease D, decrease P, & increase Q. c. Increase D, increase P, & increase Q.d. do none of the above9. An increase in income upon the market for used cars would: a. decrease S, increase P, & decrease Q.b. decrease S, increase P, & increase Q. c. increase D, decrease P, & increase Q.d. decrease D, decrease P, & decrease Q.10. Consumer expectations that the price of iPhones will increase by 50% in the future will: a. decrease S, decrease P, & decrease Q.b. increase D, increase P, & increase Q. c. decrease D, decrease P, & decrease Q.d. decrease D, decrease P, & increase Q.

Effect of Changes in D or S on Price and Quantity

1. An increase in income results in a(an) _____________in demand for steak.2. An increase in income results in a(an) _____________in demand for spam.3. A decrease in the number of buyers [consumers] in the market will ___________ demand for all goods. An incr in # of buyers will ________ D.4. A decrease in the price of a complementary good results in a(an) _____________ in demand for another complementary good. 5. An increase in the price of substitute good results in a(an)___________ in demand for another substitute good.6. An increase in taste for an item results in a(an) ___________ in demand.7. An increase in the price of a complementary good results in a(an) __________in demand for the other complementary good. 8. An expectation that the price of a commodity will be higher in the future than it is now will ____________ its current demand.9. An increase in the number of buyers [consumers] in the market will _________ D for normal goods and ________ D for inferior goods.10. If the price of the iPad is expected to increase, there will be an _________ in D.increasedecreasedecreaseincreaseincreaseincreasedecreaseincreaseincreaseTIMER Reviewincreaseincreaseincrease

Increase in DDecrease in DIncrease in SDecrease in S___1. Decrease in the price of printers on the market for cartridges.___2. Increase in worker wages on the market for computers.___3. Increase in the price Dr. Pepper on the market for Coke.___4. Increase in the price of computer chips on the computer market.___5. Decrease in price of fertilizer on the market for wheat.___6. Increase in government subsidies on the market for AIDS research.___7. Decrease in incomes on the market for used clothing.___8. New professional hockey league is formed upon the market for hockey games. ___9. Producer expectations that the price of orange juice will decrease 30% in 3 weeks? ___10. Consumer expectations that the price of orange juice will decrease 30% in 3 weeks?___11. Decrease in price of iPads upon market for iPad apps?ADDCCCCBAAD1 D2(A)(B)(C)(D)D1D2SSS1S1S2S2DDTIMERRATNESTPPPP

A

What does he mean by that?Economics is common sense made as difficult as possible.As we become Econ Gurus we must look at economic issues objectively - not subjectively.

Subjectivity - personal perception test.Is this a leftward-looking bird? rightward-looking antelope? Or a rabbit?

Do You Change Your Mind?

Do You Change Your Mind Again?

Do you see an old lady or young girl ?Hint: The old womans nose is the young girls chin.

(Hint: womans right eye is the black speck in front of horn handle)How many legs does this elephant have?Man Playing HornWoman SilhouetteA Rabbit or a Duck(Hint: rabbit is looking right,the duck is looking left.)

Optical Illusion. Stare at the picture & see if it doesnt look like you are looking at a giraffe - and yet there is really no giraffe. Oh!

. YELLOWBLUEORANGE BLACKREDGREEN PURPLEYELLOWRED ORANGE GREENBLACK BLUERED PURPLE GREENBLUEORANGE

Left-Right Conflict Your right brain tries to say the color but your left brain insists on reading the word.Look at the Chart and say the COLOR, not the word.

Are There One or Two Shelves?Are These items Moving? Or Are They Perfectly Still?

The pictures are used to test the level of stress a person can handle. The slower the pictures move, the better your ability of handling stress. Alleged criminals that were tested see them spinning around madly; however, senior citizens and kids see them standing still. None of these images are animated - they are perfectly still. Focus on the Dot in the center & move your head backward and forwards.

3. Look at the cross a bit longer and youll notice that all dots except the green one will disappear. 2. Concentrate on the cross in the middle, after a while you will notice that this moving pink dot will turn green! 1. Follow the moving pink dot & notice it doesnt change color. 23Rotating SnakesConcentrate on the dot in the middle of the picture.If you see any rotation in the others, you are going to be a criminal.

24Is this a Frog or a Horse?

EconGuruStare at Econ Guru.If one of the hearts turns blue, U will make at least a B on the next test.Now keep staring, if U only see one blue and the others go away U will make an A.OK, that last statement may not be true!26

Economics is a little like optical illusions.Some times the economic concepts presented are easy to see & understand.Other times the concepts presented take more time to reveal themselves.Just like the illusions, you must be persistent and not give up until the concept appears to you. Then and only then will you become an econ guru, and look like one of these people!So Why Did I Show You All Of This?

Econ Gurus

So, this is your goal, look like one of these!27Graphing Review Complete the graphing review sheet and turn directly into me.Show me your Cornell Notes and I will give youa Cheat Card for Unit 2 Final Assessment.

Unit Two Assessment Cheat Card Rules: I need to check to see you have Cornell Notes. Must fill out card in class and turn into me at end of the period.Can use front and back of card. Write as small as you would like.I will give you 40 minutes to fill out your cardEconomic concepts to be covered on the test will be shown on the following slide

Unit Two Assessment: Economic Concepts to be covered:Law of Demand and Law of Supply. Explanations and examples of Q vs. QD and S vs. QS.Detailed definition and examples on Elastic and Inelastic supply and demand.Determinants of Demand (T-I-M-E-R) with examples.Determinants of Supply (R-A-T-N-E-S-T) with examples.Price Floor, Price Ceiling and EquilibriumKnow how to create a demand/supply schedule and convert into a demand/supply curve.