ECONOMICS: September 18 FMQ from Ch. 1-3 Test Warm-up Draw a two column table for video games. Label the first column “Price” and add the following values in the column: $50, $40, $30, $20, and $10. Label the second column “Quantity Demanded” and add the following values to that column: 0, 150, 300, 450, and 600. What’s the quantity demanded of video games at $10, $30, and $50? How does price affect the number of video games people are willing and able to purchase? Learning Target In order to help understand how societies determine what, how, and for whom to produce, I will be able to explain the law of demand. I will know I have it when I can: (1) accurately depict the relationship between price and quantity demanded on a demand graph; and (2) explain the concept of diminishing marginal utility. See Lecture Guide for Ch. 4, Lesson 1: Demand Concepts (HO) --Demand (D) Schedule; D Curve from D Schedule; Law of D; Law of Diminishing Marginal Utility; Change in Quantity Demanded (QD) definition; D graph showing a change in QD Closure How have you seen the Law of D in action in real life? Assignment Read Ch. 4, Lesson 2