Lesson 5 Lesson Review 5️⃣

🎯 Learning Targets

• Review the key concepts covered in Lesson 5 of Economics

⏰ What We Did

• Took a quiz on Lesson 5, Part 1: The Price System
• Began working on Lesson 5 Lesson Review (Due M 7 April 2025)

⚙️ Resources

• Lesson 5 Lesson Review (LR-4)

Managing Prices 💵

🎯 Learning Targets

• Explain why governments sometimes set prices
• Explain what governments try to accomplish through price floors, price ceilings, and rationing
• Explain what happens when governments manage prices

⏰ What We Did

• Continued playing "Business Strategy," incorporating content concepts into the game

⚙️ Resources

• Business Strategy Central

Determining Prices 🍻

🎯 Learning Targets

• Explain what market equilibrium is
• Explain how the price system handles product surpluses and shortages
• Explain how shifts in demand and supply affect market equilibrium

⏰ What We Did

• Using Prohibition of the 1920s and 1930s as a case study, examined the impact of the 18th Amendment on the supply and demand of both alcoholic beverages and grain

⚙️ Resources

• Understanding Market Equilibrium (A-8)

💻 Homework

• Watch and take notes on Lesson 5, Part 3: Managing Prices, before class tomorrow

The Price System 🏷

🎯 Learning Targets

• Explain the role of the price system
• Describe the benefits of the price system
• Describe the limitations of the price system

⏰ What We Did

• Watched and took instructional notes on Lesson 5, Part 1: The Price System
  
• Continued playing "Business Strategy"

⚙️ Resources

• Lesson 5 Instructional Notes
• Lesson 5, Part 1: The Price System
• Business Strategy Central

💻 Homework

• Watch and take notes on Lesson 5, Part 2: Determining Prices, before class tomorrow