Welcome back! I hope you enjoyed our two snow days and were able to have some fun!

Here is the plan for today.

We are going to start by review the supply and demand questions we worked on last week for our quiz tomorrow.

Afterwards, we talked about our t-shirt from Friday.

We spent the rest of the class working on the following questions. If you get a chance to finish the questions in class please review for the quiz tomorrow.

Profit and Competition

1. What is the difference between profit, expenses and costs?

2. How do we know if a business is solvent?

3. How do consumers benefit from competition and free enterprise? (3 ways)

4. What are some products that have become obsolete? Try to think of three that are NOT in the textbook.

5. What are some services or service jobs that you think may become obsolete in the future?

6. What is interdependence? How are businesses interdependent?

7. What is the decision-making model?

8. Identify and explain the 5 steps of the decision-making model?