Take out Monopoly Worksheet  You will work on these questions individually for the first 10-15 minutes of class  This will be collected  I will come.

Slides:

Advertisements

Similar presentations

Law of Demand: economic rule which states that the quantity demanded, and price move in opposite directions As price goes, quantity demanded goes.

Advertisements

Economics Chapter 4 Section 1.

Supply & Demand Analysis Miss Varee Spring 2004 Spring 2004Economics.

Unit#2 NAME EconomicsDate/ Period Vocabulary Activity #1 Unit #2 1.Law of Demand-an increase in a goods price causes a decrease in quantity demanded 2.Purchasing.

Supply & Demand Analysis Ms. Stack Fall 2008 Economics.

Unit 2 – Supply and Demand. Categories Terms / ConceptsDemandSupplyEquilibriumDeterminants

CHAPTER 3, SECTION 1- THE NATURE OF DEMAND

Demand Economics – Chapter 3. Demand  The amount of a good or service that a consumer is willing and able to buy at various possible prices during a.

Supply and Demand.

This saying will be used for 4 different definitions. All you will have to do is fill in the blanks!! THE AMOUNT OF A GOOD OR SERVICE THAT ___1____ ARE.

Begin End ShowTable of Contents Supply and Demand (3.2.2) Copyright © 2013 N.S.

Double Shifts in Supply and Demand

1 Essential Question: Explain why supply is considered to be “producer” controlled, describe the relationship between supply and price according to the.

How Markets Work Demand & Supply. Introduction Economics is about choices that people make to face scarcity and how those choices are affected by incentives.

1. What are some things you buy as substitutes, or in place of another product? 2. What are some things you buy more of when you have more money (aka normal.

Unit 2: Supply, Demand, and Consumer Choice Length: 3 Weeks 1.

Demand 1. Connection to Circular Flow Model 1.Do individuals supply or demand? 2.Do business supply or demand? 3.Who demands in the product market? 4.Who.

DEMAND. Variables: Price is the determining factor (the independent variable) Quantity is the dependent variable And “ceteris Paribus”

I. Demand. A. Demand Defined 1.What is Demand Demand is the different quantities of goods that consumers are willing and able to buy at different prices.

The Nature of Demand Demand—The amount of a good or service that that a consumer is willing and able to buy at various possible prices during a given period.

Unit 2: Demand 1. Connection to Circular Flow Model 1.Do individuals supply or demand? 2.Do business supply or demand? 3.Who demands in the product market?

Objective: We will create demand schedules and use the information to graph demand curves, and differentiate between events that cause shifts and movement.

“Supply, Demand, and Market Equilibrium” MKT-AFMR-5 Analyze economics in the fashion industry.

Chapter 4: Demand Opener. Copyright © Pearson Education, Inc.Slide 2 Chapter 4, Opener Essential Question How do we decide what to buy.

Demand ES: Make decisions after reflection and review.

Supply & Demand BASICS. Demand & Wants  Wants  Wants = the desire for things with or without purchasing power (the ability to buy)  Demand  Demand.

Objective—Students will understand the concept of DEMAND AND SUPPLY and the law of demand and law of supply.

Unit 2: Demand 1. Connection to Circular Flow Model 1.Do individuals supply or demand? 2.Do business supply or demand? 3.Who demands in the product market?

Supply & Demand #2: Factors Affecting Demand. Journal List some ideas, situations and/or examples that you think may affect demand. –Copy question AND.

What is demand? More than just want of a good or service. Must have: Desire to buy Ability, capacity to buy Willingness to buy product It is a mix of what.

Open-Note Quiz  Have Out:  Module 11 Notes  Graphing worksheet from yesterday- complete graphs if needed  Extra piece of paper for notes if needed.

1 Essential Question: Identify the two things that must happen in order for demand to occur, explain the difference between demand and quantity demanded,

Supply and Demand.

Unit 2: Supply, Demand, and Consumer Choice

Introduction to Demand

Economy and Marketing.

CONTEMPORARY ECONOMICS: LESSON 4.1

Unit 2: Supply, Demand, and Consumer Choice

Unit 3: Supply, Demand, and Consumer Choice

Unit 2: Supply, Demand, and Consumer Choice

The Heart & Soul of Market Economics

Law of Demand The quantity demanded of a good or service varies inversely with its price Or, in plain English, people want to buy less of something when.

Unit 2: Demand.

Unit 2: Supply, Demand, and Consumer Choice

Unit 2: Supply, Demand, and Consumer Choice

Demand Demand is a relationship which shows the various quantities consumers are willing and able to buy of a good at different possible prices of a good.

Unit 2: Supply, Demand, and Consumer Choice

Unit 2: Supply, Demand, and Consumer Choice

Supply Unit 2: Supply and Demand.

What is supply?.

Economy and Marketing.

Supply and Demand 1-4.

Unit 2: Supply, Demand, and Consumer Choice

S&D: Graphing! What are some substitute products for a music CD?

Unit 3: Microeconomics Lesson 1: Demand.

Chapter 4: Demand Section 1

Demand and Supply Chapters 4, 5 and 6.

Demand: Desire, ability, and willingness to buy a product

Warm Up: What does it mean to DEMAND Pringles?

Supply Unit 2: Supply and Demand.

Unit 2: Supply, Demand, and Consumer Choice

Economy and Marketing.

Unit 2: Supply, Demand, and Consumer Choice

Unit 2: Supply, Demand, and Consumer Choice

S&D: Graphing! What are some substitute products for a music CD?

Unit 2: Supply, Demand, and Consumer Choice

Unit 2: Supply, Demand, and Consumer Choice

The Demand Curve and Elasticity of Demand

Demand Major Key Alert.

Presentation transcript:

Take out Monopoly Worksheet  You will work on these questions individually for the first minutes of class  This will be collected  I will come around to help if needed  We will then briefly go over some of the questions

Primary Updates   Next Tuesday is the PA Primary!

Initial ValueWinning BidNet Benefit/CostPercentage % NB % NB % NB % NB Analysis

What affects the highest value you would bid?  Past experience –which property I like  Face value of property –where it is on the board  Which properties I already have  How money currently have  How much money I want to save before the game starts  What my competitors have in terms of property

Determining Quantity Demand

Today’s Agenda  Objective: To determine how quantity demanded is affected by price.  Essential Skill: Explicitly assess information and draw conclusions.

Law of Demand  As the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.

Demand Schedule- Demand Curve Worksheet  Choose a common consumer good  Set several prices for the good  Fill out the quantity of the good you would demand at each price  Interview two additional students  Plot your answers on each graph

The LAW of DEMAND  Relationship between price and quantity demanded is inverse  As price increase, quantity demanded decreases  As price decreases, quantity demanded increases Price Quantity Demanded

Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded Q

Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded Q As the price goes down The quantity goes up

Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded Q There is a HUGE difference between the terms quantity demanded and demand. Quantity demanded is just a POINT on the curve and must be connected to price

Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded Q There is a HUGE difference between the terms quantity demanded and demand. For example, at $8 the quantity demanded is 3 units.

Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded Q There is a HUGE difference between the terms quantity demanded and demand. For example, at $8 the quantity demanded is 3 units.

Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded Q There is a HUGE difference between the terms quantity demanded and demand. If the price changes from $8 to $6, the quantity demanded goes from 3 units to 6 units.

Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded Q There is a HUGE difference between the terms quantity demanded and demand. Notice when there is a change in price, the quantity demanded changes, but demand (the entire curve) remains the same.