Starter Activity Mini-presentations from last lesson – present your findings from Supply investigations.

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Presentation transcript:

Starter Activity Mini-presentations from last lesson – present your findings from Supply investigations

Lesson Objectives To understand how Demand and Supply interact to determine equilibrium To understand how shifts in Demand and Supply change equilibrium

Equilibrium When we put Demand and Supply together we can see that there will be one intersection point – this is the equilibrium point It shows the one price at which the level demanded and supplied will be the same – at this price the market is in equilibrium At all other prices the market is not in equilibrium, there will be excess supply or excess demand

Equilibrium

When price is not at equilibrium Excess Demand or Supply here?

When price is not at equilibrium Excess Demand or Supply here?

Shifting equilibrium What things could cause this shift? What is the result?

Shifting equilibrium What things could cause this shift? What is the result?

Homework & DST Task Revise for a test on Demand, Supply, Equilibrium.

Plenary Create a short revision programme for this mini-test – highlighting strengths and areas that need special reinforcement