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Subject:ElasticityofDemand Unit:Microeconomics:PricesandMarkets StateStandards: K1.1Knowthedeningcharacteristicsofthedisciplineofeconomics. K1.3Understandandanalyzeeconomicrelationships,patterns,andtrends. K1.4Understandeconomicperspectives. K1.6Analyzeeventsandcircumstancesfromthevantagepointofothers. K1.8Applysocialstudiesconceptstobetterunderstandmajorcurrentlocal,national,andworld events,issues,andproblems. K1.10Understandsignicantconcepts,generalizations,principles,andtheoriesofeconomics. P1.4Communicateclearlyandcoherentlyinwriting,speaking,andvisuallyexpressingideas pertainingtosocialsciencetopics,acknowledgingaudienceandpurpose. P1.5Presentacoherentthesiswhenmakinganargument,supportwithevidence,articulateand answerpossibleobjections,andpresentaconcise,clearclosing P2.

2Readandinterpretdataintablesandgraphs P2.4Usemultipleperspectivesandresourcestoidentifyandanalyzeissuesappropriatetothe socialstudiesdisciplinebeingstudied. P2.5Usedeductiveandinductiveproblemsolvingskillsasappropriatetotheproblembeing studied Lessonobjectives:Studentswillunderstandhowelasticityaffectsthepricingofgoodsand services. Materials:InternetConnection,Prezi,GuidedNotes,A,B,CCards,4.3StudyGuide,Delaney Dollars Delivery:PirateThemedLesson Introduction PirateMusic Statethelessonobjective Studentswillunderstandhowelasticityaffectsconsumerchoicesandthe pricingofgoodsandservices. StatetheObjectiveofthePirateMission EachStudentisaPirateCaptainofaShip,theycontrolthepricesthattheysell theirplunderat. Thegoalofthegameistohavethemostamountofmoneyattheendofthe mission. Astheirinvestor,Iwilladvisethemalongtheway. Foundation Handout guidednotes A,B,andCcards. Prezi Intro StorylineIntro

Investor:ThePortofCometvillehasahighdemandforgoodsasincomes Cometlandianshaveincreased.Youaretaskedwithobtainingthose resources Elastic Plunder:GreenBeans SellatOptionsA,B,orC TotalExpenditureisrevealed EconomicConceptDefined Inelastic Plunder:WhaleOil SellatOptionsA,B,orC TotalExpenditureisrevealed EconomicConceptisDefined UnitElastic Plunder:Cookies SellatOptionsA,B,orC TotalExpenditureisrevealed EconomicConceptisDefined TotalExpenditureEvaluation TotalExpenditureasatestforelasticity WhyElasticityisimportant:RevenueStream Thosewiththehighesttotalexpenditures(win)andgetadditionalfunding (DelaneyDollars) DeterminantsofDemandElasticity CanthePurchasebeDelayed? AreAdequateSubstitutesAvailable? DoesthePurchaseUseaLargePortionofIncome? Capstone 4.3StudyGuide TotalExpenditureTestQuestions DeterminantsofDemandElasticityQuestionsinAction CriticalThinkingQuestions Vocab(Ifextratimeremaining) Assessments: ClassQuestions/Discussions 4.3StudyGuide Accommodations:AnyifApplicable