EPF: Module 2 (25-26)

Open Ended

Why do prices change — and what does that mean for what we buy and sell?

Open Ended

Reading Log: What decision or tradeoff is highlighted in today’s reading?

Open Ended

Explain how fixed costs and variable costs contribute to the total cost of producing a good or service.

Multiple Choice

Which of the following best describes the difference between price and cost?

• Price is what the consumer pays; cost is what the producer spends to make the product.

• Price is always higher than cost.

• Cost is what the consumer pays; price is what the producer spends.

• Price and cost mean the same thing.

Open Ended

What all goes into the creation of a cheeseburger? What is the cost of each of those components? Take 5 minutes and discuss with your group

Open Ended

Compare the change in the cost of the beef patty from 1985 to 2015. What factors might explain this increase?

Fill in the Blank

The total cost of a cheeseburger in 1985 was ___

$

.

Multiple Select

Which of the following are considered variable costs in the production of a cheeseburger?

• Beef patty

• Electricity used to cook

• Monthly rent for the restaurant

• Lettuce

Multiple Choice

Why might the price of a Five Guys burger be higher than a Hwy 55 burger, even if the ingredients are similar?

• Five Guys uses higher quality ingredients.

• Five Guys has higher operating costs.

• Five Guys offers larger portion sizes.

• Five Guys spends more on advertising.

Multiple Choice

Which category represents the largest portion of the true cost of a burger?

• Cost of Food

• Fixed Costs

• Hourly Labor

• Profit

Open Ended

Explain how opportunity cost can influence a person's decision when choosing between three different activities, as shown in the image.

Multiple Select

Which of the following are examples of opportunity cost?

• Giving up a summer internship to spend time with friends

• Buying a chicken sandwich instead of a burrito bowl

• Studying for an economics test instead of going to an amusement park

• Waiting in line for a free t-shirt instead of watching funny videos

Open Ended

Is the opportunity cost of studying on a Tuesday night the same as a Saturday night? Why or why not?

Open Ended

How does the concept of opportunity cost explain airlines offering increasing amounts of money to bump customers off overfilled flights?

Open Ended

Why do we want what we want — and how does that shape what’s on the shelves?

Open Ended

What choices (tone, examples, word choice) shape your understanding?

Fill in the Blank

Demand refers to consumers' desire, willingness, and ___ to buy a good or service.

Multiple Select

Select all the conditions that must be met for demand to exist.

• Consumer wants a good or service

• Consumer is willing to pay for a good or service

• Consumer is able to pay for a good or service

• Consumer must sell a good or service

Multiple Choice

Which of the following is NOT a necessary condition for demand to exist?

• The consumer must want a good or service

• The consumer must be willing to pay for a good or service

• The consumer must be able to pay for a good or service

• The consumer must sell a good or service

Open Ended

Explain the difference between 'demand' and 'quantity demanded' using an example.

Multiple Choice

Which of the following statements best describes a demand schedule?

• A list of prices and the quantity of a good people are willing to buy at those prices

• A list of goods and their prices

• A list of consumers and their willingness to pay

• A schedule of supply for a product

Multiple Choice

What does the demand curve show in economics?

• The relationship between price and quantity demanded

• The relationship between supply and demand

• The relationship between income and expenditure

• The relationship between cost and profit

Open Ended

Explain how plotting the demand schedule on a graph helps in understanding consumer behavior.

Multiple Choice

Using the demand schedule and graph, what is the quantity demanded when the price is $7?

• 15

• 25

• 35

• 45

Multiple Choice

Which of the following factors can cause the demand curve to shift to the right?

• Decrease in consumer income

• Increase in number of consumers

• Decrease in consumer taste for the product

• Increase in price of the product

Multiple Choice

When the demand curve shifts to the right, what happens to the quantity demanded at the same price?

• It increases

• It decreases

• It stays the same

• It becomes zero

Open Ended

Callback to LEQ: what is demand, and in what ways might demand shift according to consumer behaviors?

Open Ended

Quick review: what is demand, and what are some causes of demand shifts?

Multiple Choice

Demand increases on a demand schedule. Which way does the graph shift?

• Right

• Left

• Up

• Down

Open Ended

What is supply?

Open Ended

Explain at least one of the previous causes of supply shifts.

Open Ended

In brief, explain EITHER equilibrium, surplus, or shortage.

Open Ended

In review, how do supply and demand interact?

Open Ended

In at least one paragraph, reflect on what we had the chance to go over this week

Open Ended

What do you feel most confident about in your understanding? What would you like to continue to work on?

Open Ended

What principle of cost, supply or demand could you find in your readings this week?

Open Ended

Finally, what's a song you've been feeling lately that you'd like to add to the class playlist?