What type of car do you really really want to buy? Why Demand What type of car do you really really want to buy? Why

Demand Demand is the ability and willingness to buy an item at a particular time and place

Demand Identify the last two items bought and the approximate price you purchased them at. Would you have spent your money differently if the price was twice as high? Explain What if the item cost half as much as it did? Explain

Demand Terms- on butcher paper and in groups doi the following: Create 14 equally spaced square For each Square write down: 1. The Term 2. the exact definition 3. Rewrite the definition in your own words

Law of Demand Access the class web page, under the homework tab copy the khan academy link and open in a new safari page- https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/v/law-of-demand In Groups watch the 8 minute video

Law of Demand In groups answer the following questions What is the law of demand? If the price of televisions drop, consumers will be better able and more willing to buy. How does this reflect the law of demand? How do the demand schedule and the demand curve explain the law of demand?

Demand Schedule In your groups create 3 demand schedules that reflect the law of demand and include at least 5 points of price and quantity demanded per schedule. Price Quantity A. B. C. D. E.

Demand Curve Using the Demand Schedule on the left create a Demand Curve on the graph on the right What do you notice about the Demand Curve as it is represented on the graph?

Demand Curve Now go back to the 3 Demand Schedules that your group just made and create a Demand Curve for each schedule Remember that price goes on the vertical axis and quantity demanded goes on the horizontal axis Also, all demand curve graphs start with a zero

Demand Schedule and Curve Now take the Demand Curve graphs below and reengineer a Demand Schedule What is the relationship between the Demand Curve and the Demand Schedule?