this week

Slow week. We learned about supply curves and factors that can move the curve. Those factors are input costs, labor productivity, technology, government actions, producer expectations, and number of producers. Another thing we learned is supply. Supply is when people are willing and have the ability of producers to offer goods and services for sale. The law of supply are when producers can sell more goods or service at a higher price than at a lower price. Price and supply have a direct relationship.

this week

A slow week. We learned about change and the different types of elasticity. We learned that there are six different types of factors that can change demand. They are income, consumer taste, market size, consumer expectations, substitute goods, and complementary goods. We learned about two different graphs. One graph shows a change in the quantity demanded and the other is a change in demand. To tell the difference from the both of them would be the change in quantity would be shown as a move along the demand curve. The other is a shift. Elasticity is a change in price. Elastic is when there is a large change in the quantity. An example would be simple things such as clothes. Inelastic is when there is a smaller change in quantity. Example for this would be insulin.
Learning wasn't the only thing we did this week. We did an advertising campaign for Weserville. We did a radio broadcast, a television commercial, and a newspaper article. That's about it.

another week

We didn't learn much this week because of canceled school days. But that didn't stop us from learning a few new things. We learned about what demand means, what a demand schedule is and a demand curve. Demand is the desire to have some good or service and the ability to pay for it. A demand schedule is a table that shows how much of a good or service an individual consumer is willing and able to purchase at each price in a market. Demand curve is a graph that shows how much of a good or service an individual will buy at each price. Yesterday we learned about change. There are six factors that can cause a change in demand. They are income, complementary goods, substitute goods, market size, consumer expectations, and consumer taste. Normal goods is a good that is when consumers demand for more when an income increases. An inferior good is when consumers demand less of when an income increases. That's about it.