For next time: Read BE 95-98 & one section from 98-112. I also want you to reflect on a very basic question in your journals: what are the things that can cause a change in price? what are the effects on demand? on supply? what do the different reasons for the changes in prices mean for you?
Today we focused exclusively on our quiz as a review of Block A.I specifically focusing on the role of prices in the economy and how supply and demand is useful to us in understanding the role of prices. Remember that prices too are affected by our principles...in fact prices merely reflect the reality of economics (the 7 principles) and CONVEY INFORMATION.
Your reading for today talked about the role of profits and losses, which we touched on briefly. Profits and losses like prices, convey information to businesses about their practices. We also discussed briefly the need for competition for prices to work...this is true also in applying economics to businesses and we'll begin to think, in this block, about what happens when prices (or profits/losses) fail to do their "job" and what choices we have to alleviate problems that might arise.
Your reading for next time discusses what happens when the world changes around a business and what happens if the business fails to adapt. We'll hopefully circle back on this and your previous reading!
Today we focused exclusively on our quiz as a review of Block A.I specifically focusing on the role of prices in the economy and how supply and demand is useful to us in understanding the role of prices. Remember that prices too are affected by our principles...in fact prices merely reflect the reality of economics (the 7 principles) and CONVEY INFORMATION.
Your reading for today talked about the role of profits and losses, which we touched on briefly. Profits and losses like prices, convey information to businesses about their practices. We also discussed briefly the need for competition for prices to work...this is true also in applying economics to businesses and we'll begin to think, in this block, about what happens when prices (or profits/losses) fail to do their "job" and what choices we have to alleviate problems that might arise.
Your reading for next time discusses what happens when the world changes around a business and what happens if the business fails to adapt. We'll hopefully circle back on this and your previous reading!
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