Objectives: 1. I want my students to learn about demand. Students will be able to: a. Define demand. b.

Describe and illustrate the concept of demand. c. Explain how demand and utility are related. 2. I want my students to learn about the factors affecting demand. Students will be able to: a. Explain what causes a change in quantity demanded. b. Describe the factors that could cause a change in demand. 3. I want my students to learn about the elasticity of demand. Students will be able to: a. Define elasticity of demand. b. Explain why elasticity is a measure of responsiveness. c. Analyze the elasticity of demand for a product. d. Understand the factors that determine demand. 4. I want my students to learn about supply. Students will be able to: a. Define supply. b. Understand the difference between the supply schedule and the supply curve. c. Explain how market supply curves are derived. d. Specify the reasons for a change in supply 5. I want my students to learn about the theory of production. Students will be able to: a. Explain the theory of production b. Describe the three stages of production 6. I want my students to learn about cost, revenue, and profit maximization. Students will be able to: a. Define four key measures of cost. b. Identify two key measures of revenue. c. Apply incremental analysis to business decisions. 7. I want my students to learn about prices as signals. Students will be able to: a. Explain how prices act as signals. b. Describe the advantages of using prices as a way to allocate economic products. c. Understand the difficulty of allocating scarce goods and services without using prices. 8. I want my students to learn how the price system works. Students will be able to: a. Understand how prices are determined in competitive markets. b. Explain how economic models can be used to predict and explain price changes. c. Apply the concepts of elasticity to changes in prices. 9. I want my students to learn about social goals and market efficiency. Students will be able to: a. Describe the consequence of having a fixed price in a market. b. Explain how loan supports and deficiency payments work. 10. I want my students to learn about competition and market structures. Students will be able to: a. Explain the characteristics of perfect competition.

b. Understand the nature of monopolistic competition. c. Describe the behavior and characteristics of the oligopolist. d. Identify several types of monopolies. 11. I want my students to learn about market failures and their causes. Students will be able to: a. Discuss the problems caused by inadequate competition. b. Understand the importance of having adequate information. c. Describe the nature of resource immobility. d. Explain the nature of positive and negative externalities. 12. I want my student to about the role of government in free enterprise. Students will be able to: a. Discuss major antitrust legislation in the United States. b. Understand the need for limited government regulation. c. Explain the value of public disclosure. d. Discuss the modifications to our free enterprise economy.