Review.... Graph it! If the price of ipods increases, what will happen to consumer demand for ipods? The Green Bay Packers win the Superbowl. What will.

Slides:

Advertisements

Similar presentations

Equilibrium What is the Equilibrium and why is it important to both producers and consumers?

Advertisements

What do you think?: Should we increase minimum wage? CIE3M Price Controls.

Equilibrium Review Economics Mr. Bordelon.

PRICE Equilibrium: the point where demand and supply come together at the same price and quantity At this point the needs of both consumers and producers.

PRICES Chapter 5.

JOURNAL ACTIVITY: What happens as the price of a good decreases? What happens as the price of a good decreases? When would a shortage of a product occur?

Chapter 6: Prices Section 1

Combining Supply and Demand (Ch. 6-1)

Putting Supply and Demand Together. Defining and Moving to Equilibrium Both supply and demand work Equilibrium the point at which the quantity – At equilibrium,

Lesson Objectives: By the end of this lesson you will be able to: *Explain how supply and demand create equilibrium in the marketplace. *Identify two.

Price Government Intervention. Markets tend toward equilibrium, but in some cases the government steps in to control prices.

Price Ceilings & Price Floors Mr. Marinello * Chippewa Valley * Fall 2012.

Microeconomics: Law of Supply & Demand

Unit 3 Microeconomics: Prices and Markets Chapters 6.1 Economics Mr. Biggs.

Prices.  Equilibrium: the point at which quantity demanded and quantity supplied are equal or when the buyer will purchase exactly as much as sellers.

Supply and Demand at Work 21.3 & What is Supply and Demand The amount of goods a producer is willing to sell at market prices. Opposite of demand.

Copyright © Pearson Education, Inc.Slide 1 Chapter 6, Section 1 Ch 6: What is the right price? Section 1: What factors affect price?

Chapter 6 Prices.

Government Imposed Price Controls The government should make gas cheaper and minimum wage higher!

Chapter 3: Competitive Dynamics How Competitive Markets Operate Market Equilibrium:  The stable point at which demand and supply curves intersect PRICE.

 Economics Mr. Bordelon.  The point at which quantity demanded and quantity supplied are equal.

Price Floors & Ceilings Government Price Controls in a Free Market?

Chapter 6 notes – all sections

Supply and Demand Chapter 1, 1.3 (part 2). THE LAW OF DEMAND The law of demand says : as the price of a good or service rises, its quantity demanded falls.

Demand, Supply, and Prices Dr. T. D. Mitchell Bonneville High School Idaho Falls, Idaho.

Supply and Demand Equilibrium Adapted from material provided by Hudson Falls High School.

Unit 3: Supply and Demand Chapter 6: Prices. Supply and Demand Meet Equilibrium – the POINT where demand and supply come together Here the market is stable.

E. Napp Combining Supply and Demand In this lesson, students will be able to identify factors which lead to equilibrium or disequilibrium in a market.

Combining Supply and Demand Finding Equilibrium. Balancing a Market Equilibrium: the point at which quantity demanded and quantity supplied are equal.

Supply & Demand Working Together 21-4 Demand CurveSupply Curve.

Chapter 6SectionMain Menu PRICES Combining Supply and Demand How do supply and demand create balance in the marketplace? What are differences between a.

Market Efficiency vs. Efficiency Loss

Goal 8 Supply and Demand. The Law of Demand  The law of demand holds that all other things equal, as the price of a good or service increases, the quantity.

I-Pods Price P E Q1 Qty.

Chapter 6SectionMain Menu Price per slice Equilibrium Point Finding Equilibrium Price of a slice of pizza Quantity demanded Quantity supplied Result Combined.

Chapter 6 Combining Supply and Demand. Equilibrium- where the supply and demand curves cross. Equilibrium determines the price and the quantity to be.

Combining Supply and Demand. Equilibrium Equilibrium is the point where supply and demand come together – Balance between price and quantity – The market.

Essential Question: How do Supply and Demand work together to form a picture of the economy as a whole?

Combining Supply & Demand Balancing the Market -Combining the supply and demand schedules will create a balance. -Equilibrium is the point where supply.

Unit 2, Lesson 2 Cost Analysis Learning Targets: IWBAT graph and explain how firms determine price and output through marginal cost and analysis IWBAT.

Supply and Demand What is Demand Schedule? -How much consumers are willing to buy at various prices.

Markets, Equilibrium, & Price How Do You Know When the Price is Right?

EQUILIBRIUM, PRICE CONTROLS, & ELASTICITY SSEMI2c, 3b: Explain and illustrate the effects of price floors and ceilings.

Manipulating Supply & Demand Price floors and ceilings.

What impact does supply have on price? Do Now: Airline ticket prices-- why do fluctuate the most? Supply: The amount that producers are willing and able.

Setting Prices Advantages of prices –Prices are neutral because they do not favor the buyer or the seller. They are the result of competition Prices are.

SSEMI2 THE STUDENT WILL EXPLAIN HOW THE LAW OF DEMAND, THE LAW OF SUPPLY, PRICES, AND PROFITS WORK TO DETERMINE PRODUCTION AND DISTRIBUTION IN A MARKET.

Floors and Ceilings. After World War II, many veterans came home and immediately decided to start families After World War II, many veterans came home.

Supply …Meets Demand. Essential Standards The student will explain how prices and profits work to determine production and distribution in a market economy.

What is the purpose of supply and demand? They determine the price of a good or service.

1 Sect. 2 - Supply and Demand Module 5 - Intro & Demand What you will learn: What a competitive market is and how it is described by the supply and demand.

Chapter 7 Demand & Supply Demand & Supply. Demand the amount of a good or service that consumers are able and willing to buy at various possible prices.

Chapter 6 Equilibrium. Price at which the quantity demanded equals the quantity supplied. Intersection of Supply and Demand Curves. Represents the “market.

Supply & Demand.  Equilibrium-When demand and supply are equal  Disequilibrium- when supply and demand are not equal  *Market Clearing Price/Quantity.

Combining Supply and Demand SSEMI3: The student will explain how markets, prices, and competition influence economic behavior.

Date: November 13, 2015 Topic: Combining Supply and Demand. Aim: How did supply and demand meet? Do Now: How did the documentary “Inside Job” impact your.

Supply & Demand Equilibrium-the point at which quantity demanded and quantity supplied are equal.

Chapter 6 Prices (section 1) Combining Supply and Demand.

Combining Supply and Demand

Surpluses, Shortages, & Government, oh my!

Graphing Supply and Demand

Consumer Choice and Controls

Chapter 6 Notes The Price System.

Putting Supply and Demand Together

Quantity Demanded and Quantity Supplied

Chapter 6 Section 1.

Putting Supply and Demand Together

Shortage and Surplus By: Ben Quick.

Supply and Demand: Elastic vs

Presentation transcript:

Review.... Graph it! If the price of ipods increases, what will happen to consumer demand for ipods? The Green Bay Packers win the Superbowl. What will happen to demand for their apparel? WHY? (in other words – what shifter?)

Review... Graph it! A drought hits the Midwest. What will happen to supply of commodities in the US? WHY?

Equilibrium Price of a good/service when supply and demand are equal!

Create Demand/Supply Curve: PRICE: CONSUMERS BUY: $ PRICE: PRODUCERS SELL: $

Excess Supply Happens when a price is set too high. Type of inefficiency More produced than what the consumers want!

Surplus Supply greater than demand Caused by Excess Supply

Excess Demand Happens when a price is set too low. Type of inefficiency Not enough goods/services produced to satisfy consumer demand!

Shortage Situation where a good or service is unavailable OR Demand is greater than supply

Price Ceiling Maximum price that can be charged for a good or service.

Example: Rent Control Maximum price on what landlords can charge Where does this happen? If set below equilibrium, consumers will want more than producers will offer. This results in _______________?

Price Floor Minimum price that can be charged for a good or service.

Example: Minimum Wage Minimum price employers can pay employees What is Idaho’s minimum wage? Is this a positive thing for workers? age/america.htm age/america.htm

need-a-minimum-wage-hike/ need-a-minimum-wage-hike/ s0xTD9Aig5cP8_R1gzq-mQHgcAH&index=6 s0xTD9Aig5cP8_R1gzq-mQHgcAH&index=6