Lesson Objectives Must learn: What determines the balance of supply and demand Should learn: The purpose of understanding how supply and demand works.

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Presentation transcript:

Lesson Objectives Must learn: What determines the balance of supply and demand Should learn: The purpose of understanding how supply and demand works Could learn: To evaluate the effects of price changes in raw materials and energy costs to supply and demand

Starter Give a definition of the meaning of:- Supply is…………………………………………… Demand is…………………………………………

Starter

Buyers & Sellers

Commodity Market

Commodity Market - Activity

Supply & Demand Video http://www.youtube.com/watch?v=8-yWKgZv9JY

Supply

Demand

Equilibrium Point

Increasing Supply

Decreasing in Supply

Decreasing in Demand

Increasing in Demand

Key Terms

Key Terms

Task 1 – Supply & Demand Worksheet

Plenary

Plenary

Homework Do a supply and demand diagram for Blackberry. Then write a short paragraph explaining what the supply and demand diagram is showing.

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