ECONOMICS: September 19 Introductory Unit Video: Types of Markets

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Presentation transcript:

ECONOMICS: September 19 Introductory Unit Video: Types of Markets Warm-up: Draw a two column table for video games. Label the first column “Price” and add the following values in the column: $80, $70, $60, $50, $40, $30, $20, and $10. Label the second column “Quantity Demanded” and add the following values to that column: 0, 150, 300, 450, 600, 750, 900, and 1050. What is the quantity demanded of video games at $10, $40, and $70? How does price affect the number of video games people are willing and able to purchase? Introductory Unit Video: Types of Markets 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: When have you seen the Law of D in action in real life? Assignment: --read Ch. 4, Lesson 2