Week 2: Supply, Demand, and Economic Indicators

Day 1: Law of Supply

Review the concept of demand
Define supply and the law of supply
Explain how changes in price affect the quantity supplied
Discuss factors that can shift the supply curve
Explore the relationship between price and quantity supplied

Notes flashcards

Day 2: Equilibrium Price

Define equilibrium price and quantity
Explain how markets react to shortages and surpluses
Analyze how changes in supply and demand affect equilibrium price
Discuss the concept of market clearing price

Notes flashcards

Day 3: Incentives and Profit in a Market Economy

Define incentives and their role in economic decision-making
Explore the concept of profit and its influence on production and distribution
Discuss various types of incentives in a market economy
Analyze how incentives and profits shape market behavior

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Day 4: The Business Cycle and Microeconomics

Define and describe the phases of the business cycle: expansion, peak, contraction, trough
Introduce microeconomic indicators and their significance
Discuss how individuals and firms make decisions based on economic conditions
Explore the concepts of bear and bull markets

Notes flashcards Lemonade Stand Activity Coffee Shop Activity Political Cartoon Analysis

Day 5: Macroeconomic Indicators: GDP

Define Gross Domestic Product (GDP) and its components
Explain how GDP measures economic activity
Discuss the strengths and limitations of GDP as an economic indicator
Introduce related concepts: real GDP, nominal GDP, GDP per capita

Friday's Activity Notes flashcards GDP matching activity GDP Practice

Key Concepts

Law of Supply
Equilibrium Price
Incentives and Profit
Business Cycle
Microeconomic and Macroeconomic Indicators
Gross Domestic Product (GDP)

Learning Objectives

Understand the relationship between price and quantity supplied
Explain how markets reach equilibrium and respond to changes
Analyze the role of incentives and profit in shaping economic decisions
Comprehend the phases of the business cycle and their implications
Understand GDP as a measure of economic activity and its limitations