Supply & Demand Case Study

Learning Target: I can use supply and demand to explain real-world events.
I can explain the difference between correlation and causation.

Do Now: What is the difference between correlation and causation?
If you're not sure, open the lesson from yesterday, and finish defining the key terms in your notes.

Frack

What to produce?
How to produce it?
For whom to produce?

"The Law Of Supply And Demand Suddenly Applies To Oil, Too" by Ben Casselman, FiveThirtyEight
Key Terms
When you finish, think like an economist:
  1. What do sneakers and oil have in common? How are they different goods?
  2. What do OPEC and Nike have in common? How are they different suppliers
  3. OPEC has a "collective action problem." What is another example of this problem, from the news or from your own life? Who "bells the cat"?

TANSTAAFL

  1. There ain't no such thing as a free lunch. ↩