ECON 2214
 Module 1 - Lesson Plan 2

 Principles of Economics:
 Micro

 Demand and Supply

 

Administration and Preview Class Activities Summary - Course Objectives Your Homework Love for Econ...

 

Administration and Preview

 

 

The demand and supply models are the most widely used tools in all of economic analysis.

 

 

 

Class Activities

 

 

 4.3   Explain how demand and supply determine price and quantity in a market and explain the effects of changes in demand and supply.

 

 

 

Summary - Course Objectives

 

 

 4.3   Explain how demand and supply determine price and quantity in a market and explain the effects of changes in demand and supply.

A.  The price adjusts to maintain market equilibrium - to keep the quantity demanded equal to the quantity supplied.  A surplus brings a fall in the price; a shortage brings a rise in the price.

B.  An increase in demand increases both the price and the quantity; a decrease in demand decreases both the price and the quantity.  An increase in supply increases the quantity but decreases the price; a decrease in supply decreases the quantity but increases the price.

 

 

 

Your Homework

 

 

Complete all portions of the textbook and study guide relating to   Checkpoint 4.3 on Demand and Supply. 

Take the optional post-study bonus point quizzes on Demand and Supply on Saturday following Module 1.

Take the optional pre-study bonus point quizzes on Government Influences on Markets Sunday preceding Module 2.

Then read and study Government Influences on Markets course objectives 7.1 and 7.2 in your textbook and study guide
before attending the next class session.

 

 

 

Virtual Tour Site

Take a virtual internet trip:

DOL Seal - Link to DOL Home Page   United States Department of Labor
                               Bureau of Labor Statistics

                                             http://www.stats.bls.gov/

MISSION

The Bureau of Labor Statistics is the principal fact-finding agency for the Federal Government in the broad field of labor economics and statistics. [More about the BLS Mission]

CAREERS

BLS needs economists, mathematical statisticians, and computer specialists. It also needs some administrative and financial specialists and many types of technicians and assistants. The number of vacancies is difficult to predict, but some positions are available at most times.

 

VISION

With the strongest commitment to integrity and objectivity, the BLS will be premier among statistical agencies, producing impartial, timely, and accurate data relevant to the needs of our users and to the social and economic conditions of our Nation, its workers, and their families.

 

 

 

 

Love for econ springs eternal !