Changes in Demand 📉

🎯 Learning Targets

• Explain what it means for a product’s demand to shift
• Identify and describe the factors that can shift demand for a product
• Explain how substitute goods differ from complementary goods

⏰ What We Did

• Discussed and reviewed the determinants of demand, the non-price factors that shift demand curves
• Used Lesson 3, Part 2 instructional notes to draw — and then shift — demand curves

⚙️ Resources

• The Determinants of Demand (H-2)
• Plotting Demand Curves (A-4)

💻 Homework

• Watch and take notes on Lesson 3, Part 3: Elasticity of Demand, before class tomorrow

Nature of Demand 📉

🎯 Learning Targets

• Describe how demand differs from the quantity demanded
• Explain what the law of demand states
• Explain what demand schedules and demand curves illustrate
• Individually and collaboratively, students will engage in planned inquiries to describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices

⏰ What We Did

• Watched and took instructional notes on Lesson 3, Part 1: Nature of Demand
• Continued playing "Business Strategy," incorporating concepts from today's lesson into the game

⚙️ Resources

• Lesson 3 Instructional Notes
• Lesson 3, Part 1: Nature of Demand

💻 Homework

• Watch and take notes on Lesson 3, Part 2: Changes in Demand, before class tomorrow

Business Strategy: Loans Payable, Capital Improvements 💸

🎯 Learning Targets

• Engage in planned inquiries to describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices

⏰ What We Did

• Finished learning how to play "Business Strategy," making decisions on whether to take out a loan and making capital improvements (ordering more factories)

⚙️ Resources

• Business Strategy Central

Business Strategy: Production, FIU Sales 💸

🎯 Learning Targets

• Engage in planned inquiries to describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices

⏰ What We Did

• Continued learning how to play "Business Strategy," making production decisions (turning RMUs into finished inventory units [FIUs]) and selling FIUs

⚙️ Resources

• Business Strategy Central

Business Strategy: Fixed Expenses, RMU Purchases 💸

🎯 Learning Targets

• Engage in planned inquiries to describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices

⏰ What We Did

• Continued learning how to play "Business Strategy," calculating initial expenses for each company and bidding to buy raw material purchases (RMUs) for the first round ("month")

True Black History Museum

🎯 Learning Targets

• Examine contributions of African-Americans in the arts, sciences, sports, entertainment, education, military, and politics

⏰ What We Did

• Attended a tour of the mobile True Black History Museum in the CHS Conference Center

Business Strategy: Fixed Expenses, RMU Purchases 💸

🎯 Learning Targets

• Engage in planned inquiries to describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices

⏰ What We Did

• Conducted the P3 Economics binder check
• Continued learning how to play "Business Strategy," calculating initial expenses for each company and bidding to buy raw material purchases (RMUs) for the first round ("month") (NOTE: The game was postponed because the Federal Reverse Bank did not have money; the H.S. Mint did not have it prepared)

Business Strategy 💸

🎯 Learning Targets

• Engage in planned inquiries to describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices

⏰ What We Did

• Begin learning how to play "Business Strategy," organizing into groups ("companies") and providing an overview of the game

⚙️ Resources

• Six Phases of Business Strategy

Lesson 2 Quiz 💯

🎯 Learning Targets

• Review the key concepts covered in Lesson 2 of Economics

⏰ What We Did

• Reviewed the answers to "Classifying Business Organizations"
• Took a quiz on Lesson 2, Part 2: Partnerships
• Continued working on Lesson 2 Lesson Review (Due on W 26 Feb 2025)

⚙️ Resources

• Classifying Business Organizations (Answers)

Lesson 2 Lesson Review 2️⃣

Today's class was led by a guest teacher. 🏫

🎯 Learning Targets

• Review the key concepts covered in Lesson 2 of Economics

⏰ What We Did

• Reviewed the answers to "Classifying Business Organizations" from last week (Moved to M 24 Feb 2025)
• Took a quiz on Lesson 2, Part X: X (Moved to M 24 Feb 2025)
• Began working on Lesson 2 Lesson Review

⚙️ Resources

• Economics ✮ Lesson 2 Lesson Review (LR-2)

Imperfectly Competitive Markets 🍔

🎯 Learning Targets

• Describe the structure of an oligopoly
• Define a monopoly
• Identify the types of monopolies that exist
• Describe the factors that affect price in oligopolies and monopolies

⏰ What We Did

• Used the instructional notes from Lesson 2, Part 6: Imperfectly Competitive Markets, to answer the following questions in complete sentences:

1. Define oligopoly, interdependent pricing, price leadership, price war, collusion, cartel, natural monopoly, economies of scale, geographic monopoly, technological monopoly, patent, copyright, and government monopoly.
2. Compare the characteristics of oligopolies and monopolies.
3. What are the four main types of monopolies? Under what conditions does each type tend to arise?
4. Identify the factors that affect prices in oligopolies and monopolies.

Highly Competitive Markets 🍏

🎯 Learning Targets

• Define perfect competition
• Define monopolistic competition
• Explain how sellers differentiate their products under monopolistic competition

⏰ What We Did

• Distributed and discussed the checklist for the first Economics Binder Check
• Distributed and discussed a handout on perfect and imperfect competition
• Used the instructional notes from Lesson 2, Part 5 to answer the following questions in complete sentences:

1. Define perfect competition, buyer, seller, monopoly, monopolistic competition, differentiate, product differentiation, and non-price competition.
2. What four conditions must exist for a market to be perfectly competitive?
3. How does monopolistic competition differ from perfect competition?
4. How do sellers in monopolistic competition compete with one another?

⚙️ Resources

• Perfect vs. Imperfect Competition (H-1)
• Economics Binder Portal (W 26 Feb 2025)

💻 Homework

• Watch and take notes on Lesson 2, Part 6: Imperfectly Competitive Markets, before class tomorrow

Mid-Winter Break — No School ❄️

Clintondale High School is out on Mid-Winter Break. Classes will resume on Wednesday, February 19, 2025, at 7:35 A.M.

Mid-Winter Break — No School ❄️Presidents' Day 🇺🇸

George Washington's Birthday Observed (1732) 🇺🇸

Clintondale High School is out on Mid-Winter Break

Other Forms of Organization 🕴

🎯 Learning Targets

• Explain how vertical combinations differ from horizontal and conglomerate combinations
• Explain why a business owner might decide to open a franchise
• Describe the customer’s role in a cooperative
• Describe how a nonprofit organization differs from other types of business organizations

⏰ What We Did

• Used instructional notes for Lesson 2, Part 4 and a provided text to examine leveraged buyouts (LBOs), a means by which vertical, horizontal, and conglomerate combinations may occur

⚙️ Resources

• Leveraged Buyouts (A-3)
• What Are Leveraged Buyouts? (Text)

💻 Homework

• Watch and take notes on Lesson 2, Part 5: Highly Competitive Markets, before class on Wednesday

Inclement Weather — No School 🥶

Clintondale High School is closed due to inclement weather. Classes will resume on Friday, February 14, 2025, at 7:35 A.M.

Classifying Business Organizations 🧮

Abraham Lincoln's Birthday (1809) 🇺🇸

🎯 Learning Targets

• Identify the advantages and disadvantages of sole proprietorships, partnerships, and corporations
• Calculate and create a circle graph from given data

⏰ What We Did

• Completed a review of the advantages and disadvantages of the three main types of business organization covered so far in Lesson 2
• Calculated and created pie chart from government data on the number, sales, and income of the three business organizations

⚙️ Resources

• Classifying Business Organizations (A-2)

💻 Homework

• Watch and take notes on Lesson 2, Part 4: Other Forms of Organization, before class tomorrow

Corporations 🏢

🎯 Learning Targets

• Explain how a corporation is formed
• Describe how a corporation is organized
• Explain how stocks and bonds differ
• Describe the advantages and disadvantages of organizing a corporation

⏰ What We Did

• Used the instructional notes from Lesson 2, Part 3 to answer the following questions in complete sentences:

1. Define corporation, stock, share, dividend, common stock, preferred stock, corporate bond, principal, and interest.
2. Legally, how is a corporation treated as an individual?
3. How are corporate bonds different from shares of stock?
4. What advantages does incorporation give to shareholders and to the company?
5. What disadvantages does incorporation give to shareholders and to the company?

Partnerships 👥

🎯 Learning Targets

• Explain how general partnerships and limited partnerships differ
• Describe the advantages of organizing a partnership
• Describe the disadvantages of organizing a partnership

⏰ What We Did

• Collected Tuesday's "Lesson 1 Lesson Review"
• Returned and discussed Monday's "Understanding Graphs" assignment
• Used the instructional notes from Lesson 2, Part 2 to answer the following questions in complete sentences:

1. Define partnership, general partnership, and limited partnership.
2. Compare general and limited partnerships. Would you rather be a general partner or a limited partner? Explain your answer.
3. Why might two or more people agree to become partners in a business?
4. What challenges do partnerships face?

💻 Homework

• Watch and take notes on Lesson 2, Part 3: Corporations, before class tomorrow

Town Hall Meeting 🏫

⏰ What We Did

• The class was called down to the CHS Auditorium for an 11th and 12th Grade Town Hall meeting

Inclement Weather — No School 🥶

Clintondale High School is closed due to inclement weather. Classes will resume on Friday, February 7, 2025, at 7:35 A.M.