Law of Diminishing Returns...

After making our wonderful classroom decorations, looking at the chart we created on the board, and thinking about what we know about supply, what do you think the point of our lesson was? 

What would have happened if we had 20 kids standing at the table making the chains? Would we have more, less, or the same being made as before? 

Think about that and we will discuss this in more detail on Monday.

Also, just an FYI, we will be having a quiz on Supply next week, most likely on Wednesday. Begin studying now!

Mrs. Spotts

Supply

Supply goes up as the price goes up. People want to make money...that is the price motive for supplying stuff. Easy so far, right? Tomorrow we will get to making those airplanes. Be prepared, it should be fun. (not more fun than my lectures though)

Mrs. Spotts

Quiz help...

I will check in once more tonight. If you have questions, post them here. For those that need some help studying, if you are looking at the vocab, you will be golden tomorrow. It is going to be like one big matching fest. You will also need to identify elastic vs. inelastic in several different ways. Hope that helps!

Mrs. Spotts

Sorry it has been a while!!!

Hi People! Sorry I have been away from this! As some of you know, I was administering a test for three days last week and that left me away from the classroom. Also, unfortunately, my family is moving through some hard times as our nephew has been in a terrible accident. I appreciate the well wishes that many of you have offered. As there is more information, I will give it to you here instead of at school as I am such a baby and get too emotional talking about it! As of now, Chris is slowly coming out of his coma. It has been fourteen days today. It is apparent that he has some brain damage. We are happy to say that he is able to smile, but so far there is little body movement and no talking. We are all hoping that he will have a full recovery. 

Ok, on with the point of this site, to give you a bit of a review and some support for the classroom meeting. Today we discussed the concept of elasticity of demand. Can you name three ways that you can often tell if something is elastic? inelastic? Remember the flour example. Is flour elastic or inelastic? How do you know this? Tomorrow we will practice other ways to determine this as well as practice the concept of elasticity. Fun stuff for all of us!! ;)

See you tomorrow!

Mrs. Spotts

Study Guide for Test 1

Ok, here it is, you must look through your notes, your book, and all work/activities from class. Test 1 will be Friday, October 3. 

What is economics?

Wants vs. needs

consumer

producer

entrepreneurship

capital

scarcity

division of labor

specialization

productivity

allocate

opportunity costs

factors of production

efficiency

forms of exchange

interdependence

guns and butter

law of increasing costs

differences between scarcity and shortages

incentive

competition

self-interest

socialism

capitalism

free market

mixed economy

command economy

traditional economy

laissez-faire

free enterprise

private property

safety net

factor payments

income

eminent domain (from video clips) 

circular flow 

Go Fish

I hope you all enjoyed fishing today! The concepts to know include free enterprise, private property, incentives, self-interest, and competition. You guys have been doing a great job in class so far, I am so impressed that you listed all the differences of a capitalistic system and a socialist system today! You are good!

I will see you bright and early! M.B., I am sure I will see you ON TIME!! (all week, right?)

Ok, I am off to have dinner with the kiddies,

Mrs. Spotts

Hello? Is anyone there?

If you post before midnight on Wednesday, I will add you in a fun little drawing to win a fabulous prize! All you have to do...and it is on your honor to really do it...is to tell your parents about Back-to-School Night on Wednesday at 6:00.

So, add a comment to this post to be entered! 

Good luck!

Mrs. Spotts