Chapter 4.1 What Is Demand?.

Slides:

Advertisements

Similar presentations

Economics Unit 4, Lesson 1 What is Demand? ©2012, TESCCC.

Advertisements

Economics Chapter 4 Section 1.

Key Terms –demand –demand schedule –demand curve –Law of Demand –market demand curve –marginal utility –diminishing marginal utility.

C4S1: Demand Main Idea: –Demand is a willingness to buy a product at a particular price.

CHAPTER 3, SECTION 1- THE NATURE OF DEMAND

Supply and Demand.

Principles & Practices

Economics Unit II: Microeconomics

Demand. An Introduction to Demand Demand-the desire, willingness, and ability to buy a good or service For demand to exist: –A consumer must want a good.

Or…My Pet Rock Died.. Demand : the desire to have some good or service and the ability to pay for it. It isn’t enough for consumers to desire a good,

MICROECONOMICS. Microeconomics The study of behavior and decision making by small units: –Individuals –Companies/Corporations/Firms.

Demand Notes Quantity Demanded- the quantity of a good or service consumers are willing and able to purchase at a specific price at a given point in time.

Econ Unit 3 Demand.

Unit 4: Supply & Demand DEMAND Chapter 4. Demand: the desire, ability and willingness to buy a product.

Chapter 4:Demand What is Demand? Factors affecting Demand Elasticity of Demand What is Demand? Factors affecting Demand Elasticity of Demand.

Demand Mr. Nunn. Demand The willingness and ability of buyers to purchase different quantities of a good at different prices during a specific time period.

Chapter 20.1 What is Demand?. An Introduction to Demand In the U.S., the forces of supply and demand work together to set prices. Demand is the desire,

Chapter 4 demand.

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

Supply & Demand An Introduction. Introduction to Demand Based on consumer desires, abilities, and willingness 2 Factors: Price & Quantity How would number.

CHAPTER 4 DEMAND. Section 1: What Is Demand? Main Idea: Demand is a willingness to buy a product at a particular price. Objectives: Describe and illustrate.

Demand. Demand- the desire, ability, and willingness to buy a product Questions that need answered Where?- competition How much?- market sustainability.

Supply & Demand #1: What is Demand?. Journal What is the relationship between Rational Self-Interest Theory and Demand? –Copy AND answer –Use your resources.

Unit 2 – Understanding Markets CHAPTERS 4, 5, 6, & 7.

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.

SUPPLY AND DEMAND CH 4 SEC 2 CH 5 SEC 1 CH 6 SEC 2.

WARM-UP What is demand? What products or things are most “in- demand” to you and why? List 5.

What three factors determine the demand for a product?

Demand Chapter 4. What is Demand? Demand- the desire, ability, and willingness to buy a product. Microeconomics- the area of economics that deals with.

Demand Standards SSEMI2 The student will explain how the Law of Demand, the Law of Supply, prices, and profits work to determine production and distribution.

DEMAND. What you write: Demand (D) is the desire, willingness, and ability to buy a good or service Demand is on the consumer’s side What you need to.

Chapter 4: Section 1 Understanding Demand What Is Demand? Demand is the willingness and ability of buyers to purchase different quantities of a good, at.

Chapter 4 DEMAND.

Demand The desire, ability and willingness to buy a product

Supply and Demand.

What Is Demand?.

Unit 2: Supply, Demand, and Consumer Choice

SUPPLY AND DEMAND THEORY (PART 1)

UNIT VI – Fundamentals of Economics

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

Warm Up Describe the relationship between consumers and producers.

CHAPTER 4 DEMAND.

Chapter 4 Ms. Biba S. Kavass

Demand A consumer is said to constitute demand for a product or a commodity if he/she has the ‘willingness’ (i.e. desire) as well as the ‘ability’ (purchasing.

Chapter 4.1/4.2 notes Demand.

What is Demand? Chapter 4 Section 1.

DEMAND CHAPTER 20, SECTIONS 1 & 2.

BUSINESS HIGH SCHOOL-ECONOMICS

Demand and Supply The market price for products and services is affected by the demand and supply of products and services If there is a high supply and.

Unit 2: Supply, Demand, and Consumer Choice

Chapter 4- Microeconomics

Unit 2: Supply, Demand, and Consumer Choice

Demand, Supply, and Market Equilibrium

Supply, Demand and Income Day One:

Bell Work Get out your notebook.

Unit 2: Supply, Demand, and Consumer Choice

Unit 2: Supply, Demand, and Consumer Choice

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

Unit 2: Supply, Demand, and Consumer Choice

Unit 2: Supply, Demand, and Consumer Choice

Unit 2: Supply, Demand, and Consumer Choice

Unit 2: Supply, Demand, and Consumer Choice

Unit 2: Supply, Demand, and Consumer Choice

DEMAND CHAPTER 20, SECTIONS 1 & 2.

On a scratch piece of paper…

Chapter Objectives Section 1: What Is Demand?

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

Presentation transcript:

Chapter 4.1 What Is Demand?

An Introduction to Demand Demand leads to competition Desire, ability and willingness Microeconomics Behavior/decisions of one person/family/firm Demand lets us answer the economic questions

Demand Illustrated We can put demand in a table, like this: This is called a demand schedule We can also graph it in a Demand Curve: Price Quantity Demanded $20 1 $15 3 $10 7 $5 13

Let’s Try one!

The Law of demand Law of demand Price & Quantity Demanded are inversely related What does that mean? Price goes up, quantity goes down That’s why the demand curve is always downward sloping!

Normal Goods (this isn’t in the book!) Regular well behaving goods Some things don’t behave very well Gasoline Milk Hamburger Why do you think they “misbehave”?

Market Demand If we can determine demand for one we can do it for all! Price Quantity Jeff Quantity Sara Quantity Market 20 1 15 3 2 5 10 7 12 13 23

Demand & Marginal Utility “For the next one” Marginal Utility Utility “for the next one” Diminishing marginal utility Ever eat your favorite candy bar? How about several of them? What happens after the 3rd? 4th? 12th?