The Economics Cheer
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 | Supply -A curve sloping upward to the right |
| Demand -A curve sloping downward to the right |
| Equilibrium -The point where the demand curve intersects the supply curve |
| Elastic - A horizontal demand curve represented by placing horizontal arms side by side |
| Inelastic - A vertical demand curve represented by placing arms vertical on either side of your body |
| Substitutes - Pump one hand up twice, showing that the demand for one item increases when the price of a substitute increases |
| Compliments - Hand is pumped up and then down, showing that when the price of one item goes up, the demand for a compliment goes down |
| Production Possibilities - Move your left hand back and forth from a 12:00 position to a 3:00 position, mapping out the shape of a production possibilities frontier |
| Keynesian Cross - Place your left arm at a 45-degree angle and your right hand at a shallower positive slope |
| Inflationary Gap - With your arms in the Keynsian Cross position, tap your left arm with your right hand to represent the vertical distance between the AE function and the 45-degree line at full employment output |
| Recessionary Gap - With your arms in the Keynsian Cross position, tap your right arm with your left hand to represent the vertical distance between the AE function and the 45-degree line at full employment output |
| The Floor's Up High - Place your arm, with the hand flat, above your head to represent an effective price floor (which must be above equilibrium) |
| The Ceiling's Down Low - Place your arm, with the hand flat, below your torso to represent an effective price ceiling (which must be below equilibrium) |
"And that's the way the Econ Cheer goes!!"
If you would like to order the Econ Cheer on video for your class, or for your own personal economics library, send $10.95 for the tape and postage to:
Econ Club
c/o James Chasey
Homewood-Flossmore High School
999 S. Kedzie
Flossmore, IL 60422
