demanded.B.Supply: Define and illustrate supply through schedules and graphs.
Distinguish between change(s) in quantity supplied and change(s) insupply.
Examine the direct relationship existing between quantity suppliedand price. Evaluate the Law of Supply.3.Identify and explain the variables that cause a change in supply.
Illustrate graphically a change in supply versus a change in quantitysupplied.
C.Equilibrium Price and Quantity: Define and illustrate equilibriumthrough schedules and graphs.
Define and illustrate surpluses and shortages.
Define the effects of surpluses and shortages on prices and quantities
Interpret the effects of a price floor and price ceiling on equilibrium priceand quantity.
Introduction to market failures: lack of competition, externalities,and public goods.
Activities and Assessments:
Reading and study guides on demand, supply and prices, lectures on demand, supply and prices, Morton activities pp. 15-38, demand and supply sortAssessments: Quizzes on demand, supply and prices. Test on fundamentals and markets
UNIT II: MEASUREMENT OF ECONOMIC PERFORMANCE (4 WEEKS)
Boyes chapters 6 and 8 National Income Accounting andUnemployment and Inflation
Topic I: Gross Domestic Product and National Income Concepts
A.Measuring GDP, Four-Sector Circular Flow Model, and Flow Versus Stock
Expenditure approach [C+I+G+(X-M)] whereC = Personal Consumption ExpendituresI = Gross Private InvestmentG = Government Consumption Expenditures and Gross Investment
X-M = Net Exports