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1、Chapter 03 - MarketsCHAPTER 3MARKETSChapter OverviewBy the time students reach the end of this course, they should be quite familiar with the words supply and demand. We take our time on this subject for good reason: An understanding of supply and demand is the foundation of economic problem solving
2、. Students will be hard-pressed to make wise economic choices without it. Although markets are not always perfectly competitive, they may be surprised at how accurately many real-world phenomena can be described using the simple rules of supply and demand. In the next chapters well use these rules t
3、o explain how consumers and producers respond to price changes and government policies.Learning ObjectivesLO 3.1: Identify the defining characteristics of a competitive market. LO 3.2: Draw a demand curve and describe the external factors that determine demand. LO 3.3: Distinguish between a shift in
4、 and a movement along the demand curve. LO 3.4: Draw a supply curve and describe the external factors that determine supply. LO 3.5: Distinguish between a shift in and a movement along the supply curve. LO 3.6: Explain how supply and demand interact to drive markets to equilibrium. LO 3.7: Evaluate
5、the effect of changes in supply and demand on the equilibrium price and quantity. Chapter OutlineOPENING STORY: MOBILES GO GLOBALMarketsWhat Is a Market? What Is a Competitive Market? (LO 3.1)Demand The Demand Curve (LO 3.2)Determinants of Demand BOX FEATURE: REAL LIFE CAN INSTANT-NOODLE SALES PREDI
6、CT A RECESSION? Shifts in the Demand Curve (LO 3.3)Supply The Supply Curve (LO 3.4)Determinants of Supply Shifts in the Supply Curve (LO 3.5)Market Equilibrium Reaching Equilibrium (LO 3.6)BOX FEATURE: REAL LIFE THE PRIUS SHORTAGE OF 2003Changes in Equilibrium (LO 3.7)BOX FEATURE: REAL LIFE GIVE A M
7、AN A FISHBeyond the LectureClass Discussion: Demand and Shifts in the Demand Curve (LO 3.2, LO 3.3)Have students view a brief clip from the movie Tommy Boy, specifically from 34:30 36:40 (be careful to start at exactly 34:30 due to a swear word just prior). In the clip, Tommy (Chris Farley) and Rich
8、ard (David Spade) are trying to convince retailers that the automobile parts they produce are high-quality. Tommys dad, the former CEO of the company, has just passed away, and retailers are concerned about how well the company will function without him. This is a great clip, as it highlights demand
9、 from a retailers point of view rather than as an end consumer. 1. What determines the demand for their firms brake pads?2. How does the death of Tommys dad affect the retailers demand for Callahan brake pads?3. Could the loss of an owner, boss, or key employee really affect demand?Class Discussion:
10、 Shifts versus Movements in Demand and Supply (LO 3.3, LO 3.5)Consider discussing the past prohibition of alcohol in the United States to stimulate a conversation about changes in supply, demand, and price. This topic can also be used to highlight the difference between shifts in demand and supply a
11、nd movements along the demand and supply curves.1. Ask students how they think the introduction of prohibition impacted demand, supply, and price.2. Ask students if other things remained constant.3. Ask students to consider what occurred when prohibition was repealed.This can be extended to consider
12、 any prohibited goods or services. Students generally find this conversation interesting. There are numerous examples in popular media that can be paired with this discussion. For example, consider showing a clip from an episode of The Simpsons, Homer vs. the Eighteenth Amendment (Season 8, Episode
13、18), from 8:50 to 12:40.Class Discussion: Supply, Demand, and Equilibrium (LO 3.7)Show students a brief clip from the television show The Office to highlight supply and demand. In this episode, there is a doll that is a very popular gift item during the holiday season. Dwight buys all of the dolls i
14、n the area and resells them to parents, charging a price above the retail price, but one which parents are gladly willing to pay. This example was discussed in a Businessweek article by Claire Suddath, which discusses some of the media ideas of Dirk Mateer, an economics professor at Pennsylvania Sta
15、te University.Class Discussion/Class Activity: Supply, Demand, and Equilibrium (LO 3.7)To help students understand how an equilibrium price may be reached, it is often useful to discuss auctions. While auctions are different from the way many goods and services are purchased, students can understand
16、 how buyers and sellers come to an agreement on price and terms. It may be useful to show an example of an online auction from eBay. 1. How does an online auction like eBay function?2. How is a price determined?3. Ask students if they have ever participated in this type of buying or selling. Have them describe thei
