Applying Economic Concepts
1. Rationing Suppose that a guest speaker visited your class and left 20 ballpoint pens as samplesnot knowing that there were 30 students in the class. Devise a nonprice rationing system that would fairly allocate the scarce item to everyone in the class.
2. Equilibrium Price Many people feel that the minimum wage is too low. If it increased by $1 per hour, what would happen to the number of students who would want to work after school? What would happen to the number of workers that stores in your community would want to hire? Would the combination of these factors cause a shortage or a surplus of workers in your community? Provide an explanation for each of your answers.
A shoe store is having a sale. The first pair of shoes sells for $40. The second pair sells for half price, or $20. The next pair sells for half of that, and so on. Make a table, like the one below, that tracks the total cost of the shoes as each pair is added.
Number of Pairs
Thinking Like an Economist
Economists like to use cost-benefit analysis to analyze the merits of any program. Use this decision-making strategy to evaluate the desirability of continuing to support and stabilize farm income.
Using a Spreadsheet Use your personal buying decisions to create a spreadsheet and graph showing how a market equilibrium price is reached.
1. Select a product that costs about $5.00.
2. In cells A1 through C1, enter the words Price, Demand, and Supply.
3. In cells A2 through A11, enter prices that range from $1.00 to $10.00.
4. In the next two columns, enter quantities that might be demanded and supplied at those prices.
5. Highlight the three columns on the spreadsheet, then click on "Chart Wizard" or a similar icon, or click on "Insert" and then "Chart."
6. Click on "line graph," then highlight a 2-line chart sub-type.
7. Follow the spreadsheet directions to title your graph.
Synthesizing Information Examine the figure, then answer the questions that follow.
9 1011 13 15 Quantity
1. What is the quantity demanded at a price of $20? At $15?
2. What is the quantity supplied at a price of $10? At a price of $20?
3. How large is the shortage or surplus at $5? Explain your answer.
4. If the price started out at $5 today, what would likely happen to the price tomorrow? Why?
,- t,. Practice and assess key social studies skills with the Glencoe Skillbuilder Interactive Workbook, Level 2.
Developing a Training Manual
From the classroom of. . . Juan C. Ledesma Flanagan High School Pembroke Pines, Florida
The forces of supply and demand determine what is produced and made available to the consumer. Many products in the marketplace would have little value if you—the consumer—did not know how to use the product. Thus, as new products and technology are developed, a demand is created for manuals that illustrate the correct way to use the product. In this workshop, you will write a "how-to" manual or report. The manual will illustrate how to accomplish a process or function that you've chosen to describe.
Setting Up the Workshop
For this workshop you should work with one other person. Your task is to write a technical manual or report that explains how to construct, instruct, build, rebuild, or just plain create a product or process. Your audience must be real—fellow students, your teachers, your family members, etc. Keep this goal in mind as you do your work: The reader will learn something important, functional, and worthwhile after using your manual.
Criteria for Manuals
Your finished manual should include all of the following:
• Numbered pages
• Statement of purpose
• Table of contents that includes at least five sections
• At least five sections that explain "how to"
• Scaled pictures or drawings of important parts, plans, and procedures, placed appropriately in the manual
• Chart, or graphic organizer, that reveals some important, usable data (e.g. a survey)
• Reference list of at least five other resource materials that could be utilized
• Information gained from an interview with an expert on the topic
• Alphabetized index of the important topics in the manual
• Checklist for procedures
• Troubleshooting guide with at least ten "what if" problems
• Review/rating/recommendation by someone who has tried the manual
Determine what process you will describe.
Do research in your school library or on the Internet for information about your process. Interview a person locally who is familiar with the process.
Make an outline of the process you hope to describe. A flowchart, like the example shown below, is often a good way to get started "mapping" the steps in a process.
Present your training manual to your class, using the following guidelines:
1. Explain the rationale for your manual's subject.
2. Describe the aspirations you hold for your product and its user.
3. Describe any technology you used to create your manual.
4. Describe the trials and errors you encountered in developing your manual.
5. Describe the problems that you might foresee that could still be addressed (and even solved) if you had the time.
Process to get ready for school
Process to get ready for school
Economics & You
Why are some products
■ ■ available at competitive prices? Why are other products priced higher? In Chapter 7, you will learn about the various effects competition and market structures have on the prices you pay. To learn more about competition in a free enterprise system, view the Chapter 8 video lesson:
Competition and Monopolies
Advertisers try to persuade consumers to purchase their products.
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