Introduction WebQuest Introduction Why is it unlikely that you will find many boat dealers in a desert?
Question:
Introduction WebQuest
Introduction
Why is it unlikely that you will find many boat dealers in a desert? Or many advertising agencies in a rural area? Before a business sets up shop, it researches the potential demand for its product. If consumers don't have the desire, ability, or willingness to buy the product, the business will not succeed.
How many hours do you spend studying every night? How many hours would you study if you were paid $1 an hour? $10 an hour? If you would study more for a higher price, you are following the law of supply, which states that the quantity supplied varies directly with the price.
When we study markets, we often use the tools of supply and demand to show how the equilibrium price and quantity of output are determined. When we study the economy as a whole, we use the concepts of supply and demand in much the same way.
This lesson on Microeconomics and Macroeconomics will help you to understand the concepts stated above.
Task
Upon completion of this Web Quest, you should be able to:
| 1. | Explain the meaning and concept of demand and supply. |
| 2. | Explain the purpose of a demand schedule. |
| 3. | Illustrate the concept of demand in the form of a graph. |
| 4. | Explain the difference between the supply schedule and the supply curve. |
| 5. | Explain what is meant by a change in quantity supplied. |
| 6. | Specify the reasons for changes in supply. |
| 7. | Explain the concept of aggregate supply. |
| 8. | Describe the importance of aggregate demand. |
Process
Using the Resources listed below, create: two typewritten pages, one on A and one on B below (size 12 font) or a power point presentation, and a chart as described in Part C.
A. A good, complete definition of Microeconomics (use basic words )
Explain the following concepts in relation to Microeconomics , 12 pt font)
| 1. | MARKETS AND PRICES |
| 2. | SUPPLY AND DEMAND |
| 3. | COMPETITION AND MARKET STRUCTURE |
| 4. | INCOME DISTRIBUTION |
| 5. | MARKET FAILURES |
| 6. | THE ROLE OF THE GOVERNMENT |
B. A good, complete definition of Macroeconomics
'(use words you know )
Explain the following concepts in relation to Macroeconomics: ( 12 pt font)
| 1. | GROSS NATIONAL PRODUCT |
| 2. | AGGREGATE SUPPLY |
| 3. | AGGREGATE DEMAND |
| 4. | UNEMPLOYMENT |
| 5. | INFLATION AND DEFLATION |
| 6. | MONETARY POLICY |
| 7. | FISCAL POLICY |
C. make a supply and demand chart using a new data.
1.Indicate the equilibrium.
2.Explain or illustrate how an increase or decrease in supply and demand will effect the curves on the graph.
RESOURCES
Web Sites
www.google.com(Use this as a starting point--or other relevant search engines)
http://economics.about.com/od/whatiseconomics/u/economic_basics.htm
http://www.socialstudiesforkids.com/subjects/economicsbasic.htm
http://www.economicshelp.org/blog/6796/economics/difference-between-microeconomics-and-macroeconomics/
RESOURCE BOOKS
Clayton Gary, Economics, Principles and Practices, 1995, Glenco/McGraw-Hill,Westerville, Ohio.
Wolken, Lawrence, Invitation to Economics, Third Edition, 1988, Scott,Foresman and Company, Glenview, Illinois.
Arnold, Roger, Economics in our times, 1995, West Publishing Company, St. Paul, Minnesota.
Miller, Roger, Economics Today & Tomorrow, 1991, Glencoe, New York, New York
EVALUATION
(This is what I will be looking for when I grade your more then 1 paper/powerpoint and your graph.)
| Complete Definitions | |
| Use of Resources | |
| Use of Technology | |
| Use of the Internet | |
| Presentation of the Graph | |
| Format and Presentation of Power Point | |
| Creativity | |
| Explanation of Concepts |
CONCLUSION
In a market economy, your opinions count when you cast your dollar"votes" for the goods and services you like best. You express your demand for a product when you are willing and able to purchase it. When someone is willing to pay for a product---the higher the pay, the more youare willing to supply. Supply is the amount of production. When the supply satisfies the demand, the situation is called the equilibrium, and variables such as price and quantity will remain unchanged unless something happens to disturb the system.Introduction WebQuest
Introduction
Why is it unlikely that you will find many boat dealers in a desert? Or many advertising agencies in a rural area? Before a business sets up shop, it researches the potential demand for its product. If consumers don't have the desire, ability, or willingness to buy the product, the business will not succeed.
How many hours do you spend studying every night? How many hours would you study if you were paid $1 an hour? $10 an hour? If you would study more for a higher price, you are following the law of supply, which states that the quantity supplied varies directly with the price.
When we study markets, we often use the tools of supply and demand to show how the equilibrium price and quantity of output are determined. When we study the economy as a whole, we use the concepts of supply and demand in much the same way.
This lesson on Microeconomics and Macroeconomics will help you to understand the concepts stated above.
Task
Upon completion of this Web Quest, you should be able to:
| 1. | Explain the meaning and concept of demand and supply. |
| 2. | Explain the purpose of a demand schedule. |
| 3. | Illustrate the concept of demand in the form of a graph. |
| 4. | Explain the difference between the supply schedule and the supply curve. |
| 5. | Explain what is meant by a change in quantity supplied. |
| 6. | Specify the reasons for changes in supply. |
| 7. | Explain the concept of aggregate supply. |
| 8. | Describe the importance of aggregate demand. |
Process
Using the Resources listed below, make a: two typewritten pages, one on A and one on B below (size 12 font) or a power point presentation, and a chart as described in Part C.
A. A good, complete definition of Microeconomics (use basic words)
Explain the following concepts in relation to Microeconomics ( 12 pt font)
| 1. | MARKETS AND PRICES |
| 2. | SUPPLY AND DEMAND |
| 3. | COMPETITION AND MARKET STRUCTURE |
| 4. | INCOME DISTRIBUTION |
| 5. | MARKET FAILURES |
| 6. | THE ROLE OF THE GOVERNMENT |
B. A good, complete definition of Macroeconomics (use basic words)
Explain the following concepts in relation to Macroeconomics: (, 12 pt font)
| 1. | GROSS NATIONAL PRODUCT |
| 2. | AGGREGATE SUPPLY |
| 3. | AGGREGATE DEMAND |
| 4. | UNEMPLOYMENT |
| 5. | INFLATION AND DEFLATION |
| 6. | MONETARY POLICY |
| 7. | FISCAL POLICY |
C. make a supply and demand chart using your own data.
1.Indicate the equilibrium.
2.Explain or illustrate how an increase or decrease in supply and demand will effect the curves on the graph.
RESOURCES
Web Sites
www.google.com(Use this as a starting point--or other relevant search engines)
http://economics.about.com/od/whatiseconomics/u/economic_basics.htm
http://www.socialstudiesforkids.com/subjects/economicsbasic.htm
http://www.economicshelp.org/blog/6796/economics/difference-between-microeconomics-and-macroeconomics/
RESOURCE BOOKS
Clayton Gary, Economics, Principles and Practices, 1995, Glenco/McGraw-Hill,Westerville, Ohio.
Wolken, Lawrence, Invitation to Economics, Third Edition, 1988, Scott,Foresman and Company, Glenview, Illinois.
Arnold, Roger, Economics in our times, 1995, West Publishing Company, St. Paul, Minnesota.
Miller, Roger, Economics Today & Tomorrow, 1991, Glencoe, New York, New York
EVALUATION
pleas put it in a/powerpoint and your graph.)
| Complete Definitions | |
| Use of Resources | |
| Use of Technology | |
| Use of the Internet | |
| Presentation of the Graph | |
| Format and Presentation of Power Point | |
| Creativity | |
| Explanation of Concepts |
Expert Answer:
