Demand learning objectives

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Presentation transcript:

Demand learning objectives 12/11/2018 Demand learning objectives By end of the lesson, you should be able to: Describe demand Describe effective demand Calculate revenue from different demands Explain what a demand curve is showing

Starter https://www.youtube.com/watch?v=RP0j3Lnlazs 12/11/2018 Starter https://www.youtube.com/watch?v=RP0j3Lnlazs From 18 Seconds to 4 min 10 Seconds

12/11/2018 Demand The amount that an individual or individuals are willing to buy at any given price. For demand to be meaningful, it has to be backed up by the ability to pay. This is called effective demand. For virtually all products demand increases as price falls and vice versa

What is the overall aim of the business? 12/11/2018 What is the overall aim of the business? The overall aim of the business is to make money by: Meeting demand through getting them to try your product and continue to use your product/service. This is called repeat purchase. How can businesses achieve repeat business?

Demand for Mars Bars in a school: 12/11/2018 Demand for Mars Bars in a school: Price Quantity Demanded Revenue £0.20 400 £0.25 350 £0.30 300 £0.35 250 £0.40 200 £0.45 150 £0.50 100

Demand for Mars Bars in a school: 12/11/2018 Demand for Mars Bars in a school: Price Quantity Demanded Revenue £0.20 400 £80 £0.25 350 £87.50 £0.30 300 £90 £0.35 250 £0.40 200 £0.45 150 £67.50 £0.50 100 £50

This is what it looks like on a graph 12/11/2018 This is what it looks like on a graph

What does the graph show? 12/11/2018 What does the graph show? The demand curve is downward sloping because as the price of Mars bars increase, less people are prepared to pay the higher prices, so demand decreases. This company should therefore think carefully what price to sell their chocolate bars.

How much are you prepared to pay for a Mars Bar? What affects your demand for the product?

Factors affecting demand 12/11/2018 Factors affecting demand https://www.youtube.com/watch?v=Enz6z9jGmsk 3min 14secs Make notes on the factors affecting demand

Factors leading to a change in demand: 12/11/2018 Factors leading to a change in demand: changes in the prices of substitutes and complementary goods changes in consumer incomes fashions, tastes and preferences advertising and branding demographics external shocks seasonality

Homework Cereals demand Q’s This is due on Thursday 8th October – P5 12/11/2018 Homework Cereals demand Q’s Answers on lined paper please This is due on Thursday 8th October – P5