High School Food Court
In this economics unit, you study the fundamentals of supply and demand by choosing which restaurants should serve a hypothetical high school cafeteria/food court.
Dates: April 21–May 7
Materials/Handouts: student_food_court.pdf
Objectives
- Recognize that scarce resources dictate that not all goods and services that individuals want will be produced in a market-driven economy
- Recognize that the costs of production sometimes exceed the price that individuals are willing and able to pay for the good
- Recognize that economic profit is the key to production of goods and services in a market-oriented economy
- Identify the factors that underlie demand
- Identify the factors that underlie the cost of production (or supply)
- Demonstrate an understanding of unit concepts
- Realize that the definition of what is fair is normative and subject to much debate
Key Concepts of the Unit
- fixed costs – costs do not vary with output
- variable costs – costs vary with output
- revenue = price x quantity sold
- profit = total revenue – total cost
- law of demand: all else being equal, as
price falls, the quantity demanded increases.
Posted by Justin Wells : 05/04/2009