ECONOMICS: February 1 Warm-up See attached slide Learning Target In order to help understand how societies determine what, how, and for whom to produce,

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ECONOMICS: February 1 Warm-up See attached slide 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 --Intro to D curve shifters Closure How have you seen the Law of D in action in real life? Assignment Read Ch. 4, Lesson 2 (e-textbook)

Warm-up Answer the following on your warm-ups notebook paper What is going on in the cartoon? What makes you say that?