| Steven M. Reff Economics Lecturer University of Arizona (2007 - 2016) The 2015 University of Arizona Five-Star Faculty Award |
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
| Standard 5: Government Interaction in the Market |
| Week 5: P Ceiling, P Floor, and Financial Literacy |
| Estimated Learning Time: 4 to 5 class periods (45 min. each) |
Reading Assignment -- Chapter 8:
Video Book -- Chapter 8:
Interactive Activities -- Chapter 8:
Price Ceiling (Effective vs. Ineffective):
Price Floor (Effective vs. Ineffective):
(2:26 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
2:08 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
(3:14 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
(3:22 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
| Standard 6: Financial Literacy -- Personal Budgeting |
| "Price ceilings and price floors are typically taught immediately following the core fundamentals of supply, demand, and elasticity in a standard high-school economics course. This sequencing is standard because students must first understand how a market reaches equilibrium naturally before they can analyze how government-imposed price controls disrupt that equilibrium. This sequencing is standard because students must first understand how a market reaches equilibrium naturally before they can analyze how government-imposed price controls disrupt that equilibrium. " Ask Google AI 1 |
| When you open the link below, fill in the interactive answers to the right of the questions. |
| Standard 5: Review Price Ceiling and Price Floor |
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
| See if You Smart Enough to Answer College-Level Questions about the P Ceiling and P Floor? |
NOTE: Reffonomics Baseball can be played inside a classroom or all the questions in
the game can be answered individually as homework.
the game can be answered individually as homework.
Before you get into this business costs concept, it is best that you understand some of
the costs of being an individual from this point forward. During the next two weeks, you
will have reading lessons that include interactive activities.
The first Financial Literacy Lesson is on your own personal budgeting where you create
a financial budget of your own.
You will be reading about a high school student, while interactively calculating your
own budget for living inexpensively through the eyes of the individual in the Story of
Mr. or Ms. Cheapo.
the costs of being an individual from this point forward. During the next two weeks, you
will have reading lessons that include interactive activities.
The first Financial Literacy Lesson is on your own personal budgeting where you create
a financial budget of your own.
You will be reading about a high school student, while interactively calculating your
own budget for living inexpensively through the eyes of the individual in the Story of
Mr. or Ms. Cheapo.
| "Teaching individual financial literacy within a high school economics course, especially before business costs, is an excellent, logical placement because personal finance is applied economics, building foundational understanding of choices, scarcity, incentives, and costs that directly bridge to business concepts like budgeting, credit, and saving, making the abstract theories concrete and immediately relevant for students' lives. " Ask Google AI 2 |
| "the term Rule of 72 is commonly taught within a traditional high school economics course, particularly as part of the personal finance or financial literacy unit. It is considered a fundamental concept for youth financial literacy, helping students understand the power of compound interest and make informed financial decisions. " Ask Google AI 3 |
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
| TEST YOUR KNOWLEDGE: |
| "In high school economics, income is a flow (money earned over time, like wages), while wealth is a stock (accumulated assets minus debts, like homes and savings). Income is how much you make (salary, interest), measured periodically (weekly/yearly), whereas wealth is what you have (property, stocks, cash), representing a total accumulated value, often built from savings, and provides long-term security. Key differences are flow vs. stock, time measurement (period vs. cumulative), and composition (earnings vs. assets). " Ask Google AI 4 |
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
| Standard 6: Financial Literacy -- Rule of 72 |
| Standard 6: Financial Literacy -- Income and Wealth |