Q4 WORD WALL PT. 11. merger—when two or more companies join to form a new single firm

2. monopoly-a market in which a single seller dominates

3. motive- a reason for doing something, especially one that is hidden or not obvious.

4. multinational corporation—a large corporation that produces and sells its goods

and services in more than one country

5. elasticity: the degree to which individuals, consumers or producers change their

demand or the amount supplied in response to price or income changes.

6. Entitlement—social welfare people benefit from if they meet certain requirements

7. equilibrium: point at which the demand for a product or service is equal to the

supply of that product or service

8. franchise-a contract that gives a single firm the right to sell its goods within a

specific market

9. globalization—the increasing tight interconnection of business, people and

governments around the world

10. demographic: sectors of the population

31. Ostentatious- attracting or seeking to attract

attention, admiration, or envy

32. Outsourcing-the practice of contracting with

another company to do a specific job for the company

33. Patent—a license that gives the inventor of a new

product exclusive rights to sell it for a period of time.

34. per capita-- the total amount of it in a country or

area divided by the number of people in that country or

area.

35. Portfolio—a collection of financial assets

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AGENDA 3/19

• BW—ACT PREP– NUMBER YOUR PAPER

1-5

• YOU HAVE 15 MINUTES FINISH

CHAPTER 4 AND 5 QUESTIONS—SHOW

THEM TO ME WHEN YOU FINISH—

ONLY QUESTIONS WITH STICKERS

WILL HAVE A CHANCE TO RECEIVE

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• PPT REVIEW/DISCUSSION

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•WORD WALL QUIZ THURSDAY

•LITERACY LESSON FRIDAY

1. A restaurant occupying the top floor of a skyscraper rotates as diners enjoy the view. Ling and Sarah notice that they began their meal at 7:00 p.m. looking due north. At 7:45 p.m. they had rotated 180 degrees to a view that was due south. At this rate, how many degrees will the restaurant rotate in one hour?

A. 90 degrees

B. 180 degrees

C. 240 degrees

D. 270 degrees

2. Your friend shows you a scale drawing of her apartment. The drawing of the apartment is a rectangle 4 inches by 6 inches. Your friend wants to know the length of the shorter side of the apartment. If she knows that the length of the longer side of the apartment is 30 feet, how many feet long is the shorter side of her apartment?

A. 9

B. 20

C. 24

D. 30

3. If 12 vases cost $18.00, what is the cost of 1 vase?

A. $0.67

B. $1.05

C. $1.33

D. $1.50

4. A company earned a profit of $8.0 million each year for 3 consecutive years. For each of the next 2 years, the company earned a profit of $9.0 million. For this 5-year period, what was the company’s average yearly profit, in millions of dollars?

A. 8.2

B. 8.25

C. 8.4

D. 8.5

5. A company rents moving vans for a rental fee of $25.00 per day with an additional charge of $0.30 per mile that the van is driven. Which of the following expressions represents the cost, in dollars, of renting a van for 1 day and driving it m miles?

A. 0.30m + 25

B. 25m + 30

C. 30m + 25

D. 55m

Answers:

1. C

2. B

3. D

4. C

5. A

I Highly recommend you write down what is in YELLOW for your benchmark

Essential Questions

•The law of demand states that as the price of a good or service increases, the quantity of that good or service will decrease.

• Checkpoint: What happens to demand for a good when the price increases?

– Changes in price

are an incentive;

price changes

always affect

quantity demanded

because people

buy less of a good

when its price

goes up.

•The substitution effect takes place when a consumer reacts to a rise in the price of one good by consuming less of that good and more of a substitute good

• How does market demand change when the price falls from $3 to $2 a slice?

• How many slices does Ashely demand at $4 a slice?

If the market price for pizza is $2.00 a slice, how many slices will be supplied by all producers in the market, according to Figure 5.4? (E17)A. 200 C. 250B. 2,000 D. 2,500‘

According to Figure 5.4, how many slices of pizza will one pizzeria be willing to supply at a market price of $1.50 a slice? (E17)A. 100 C. 300B. 200 D. 1,000

• Shifts in the demand curve are caused by more than just price increases and decreases. Other factors include:

• Income• Consumer Expectations• Population

demand to fall, the demand curve shifts to the left. An increase in demand appears as a shift to the right.• If the price of a coke rose by one dollar, how would you show the change on

one of these graphs?

•Demographics are the characteristics of populations, such as age, race, gender, and occupation.

•The law of supply states that as the price increases, the quantity supplied increases.

• As the price of a good increases, producers will offer more of it and as the price decreases, they will offer less.

• What does the individual supply schedule tell you about the pizzeria owner’s decisions?

• How does the market supply schedule compare to the individual supply schedule?

• A supply curve always rises from left to right because higher prices leads to higher output.

• Checkpoint: What are the two variables represented in a supply schedule or supply curve?

A. A sandwich shop increases the number of sandwiches they supply every

day when the price is increased.

B. A catering company buys a new dishwasher to make their work easier.

C. A milling company builds a new factory to process flour to export.

D. A food producer increases the number of acres of wheat he grows to

supply a milling company.

Which of the following is the best example

of the law of supply? (E21)

•Elastic•When elasticity is greater than one, supply is

very sensitive to price changes• Inelastic

•When elasticity is less than one, supply is not very responsive to price changes.

•The addition of new workers will increase production until it reaches its peak, at which point, production actually decreases.

• Factors that reduce supply shift the supply curve to the left, while factors that increase supply move the supply curve to the right.

• Which graph best represents the effects of higher costs?

• Which graph best represents advances in technology?

• Life is full of signals that help us make decisions.

• For example, when we pull up to an intersection, we

look to see if the traffic light is green, yellow, or red.

• We look at the other cars to see if any have their

blinkers on, and in this way we receive signals from

other drivers regarding their intentions to turn.

• something as simple as a price–

the monetary value of a product

as established by supply and

demand–is a signal that helps us

make our economic decisions.

•How many slices are sold at equilibrium?

• How much is the shortage when pizza is sold at $2.00 per slice?

• Rent Control

• Sets a price ceiling on apartment rent

• Prevents inflation during housing crises

• Helps the poor cut their housing costs

• Can lead to poorly managed buildings because landlords cannot afford the upkeep.

• The sudden increase in market demand cause the demand curve to shift to the right.

• What impact did the change in demand shown in the graph have on the equilibrium price?

shortages are common.

•One response to shortages is rationing.

• During World War II, the federal government used rationing to control shortages.

The Wealth of Nations, Adam Smith wrote that businesses do best when they provide what people need.

• Financial rewards motivate people.

AGENDA 3/20

• SUPPLY AND DEMAND QUIZ

• YOU CAN USE ALL THE NOTES/CHAPTER QUESTIONS

YOU HAVE

• ALL YOU NEED IS A PENCIL OR PEN AND NOTES

• DO NOT WRITE ON THE QUIZ—USE THE ANSWER

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• NO TALKING—YOU WILL GET A ZERO ON YOUR QUIZ

• (100 POINTS)

•WHEN YOU FINISH PUT THE ANSWER SHEET IN THE

TRAY TEST ON THE COUNTER IN FRONT.

• AFTER TEST YOU CAN STUDY WORD WALL FOR QUIZ

TOMORROW OR SIT QUIETLY—NO PHONES OR

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•WORD WALL QUIZ THURSDAY

• LITERACY LESSON FRIDAY