INDUSTRIAL REVOLUTION

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Presentation transcript:

INDUSTRIAL REVOLUTION Economics!

Adam Smith 1723-1790 Scottish philosopher and economics Author of the Wealth of Nations Wealth of Nations = 1st work of modern economics father of economics and capitalism Sill among the most influential economists

Supply and Demand

Demand Increases Draw a line to demonstrate demand increasing. What happens to the price when the demand increases?

Demand Decreases Draw a line to show demand decreasing. What happens to price when demand decreases?

Supply Increases Draw a line to show supply increasing. What happens to price when supply increases?

Supply Decreases Draw a line to show supply decreasing. What happens to price when supply decreases?

In Economics Direct relationship means if one increases, then the other increases.  the relationship b/w demand and price  DD (direct; demand) Inverse relationship means if one increases, then the other decreases.  the relationship b/w supply and price  IS (inverse; supply)