1. Who are we selling to? Markets – all potential buyers and sellers for a particular product

2. How much do they want it? Demand - An economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service. – Holding all other factors constant, the price of a good or service increases as its demand increases and vice versa.

3. Vocabulary (quiz today) Supply Supply Curve Regulation Surplus Shortage Rationing Supply Shock Excise Tax Excess Demand Demand Curve Marginal Subsidy Equilibrium Black Market Variable Elasticity Ceteris Paribus

4. Socrative Quiz Room number: 3EF5F3A4

5. In Your Notebooks In what ways could the U.S. economy have been affected by 9-11?

6. In Your Notebooks List all of the costs of making a ‘widget’ – Materials – ?

7. In Your Notebooks List all of the costs of making a ‘widget’ – Materials – Labor – ?

8. In Your Notebooks List all of the costs of making a ‘widget’ – Materials – Labor – Utilities – ?

9. In Your Notebooks List all of the costs of making a ‘widget’ – Materials – Labor – Utilities – Delivery/Transportation – ?

10. In Your Notebooks List all of the costs of making a ‘widget’ – Materials – Labor – Utilities – Delivery/Transportation – Facilities/Rent

11. In Your Notebooks List all of the costs of making a ‘widget’ – Materials – Labor – Utilities – Delivery/Transportation – Facilities/Rent – Research

12. In Your Notebooks List all of the costs of making a ‘widget’ – Materials – Labor – Utilities – Delivery/Transportation – Facilities/Rent – Research – Advertising

13. In Your Notebooks List all of the costs of making a ‘widget’ – Materials – Labor – Utilities – Delivery/Transportation – Facilities/Rent – Research – Advertising – Insurance

14. Cost of Production

15. In Your Notebooks From an economic perspective, why could immigration be good? Why could it be bad?

16. Why do NBA players make so much money?