Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior.

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Presentation transcript:

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Lesson Design Details P&D Planning and Planning and Data Date Period Group Current levels Target levels Pitch Differentiation Students Identified on Matrix

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Key Concepts and Prerequisite Skills P&D Planning and Planning and Data Key Concepts Demand, factors affecting demand Prerequisite Skills Market, price mechanism

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Class : Y10 Lesson Topic: The Market System Scheme of Work: Demand curve and Factors

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Lesson Objectives P&D Planning and Planning and Data ALL (KNOWLEDGE) Describe the demand curve Define demand / effective demand MOST (ANALYSIS) Analyse the factors of demand for different products SOME (EVALUATION ) Evaluate the significance of the factors of demand Higher thinking Skills

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Planning Tools P&D Planning and Planning and Data

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Planning Tools P&D Planning and Planning and Data

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Define the term demand [Level 3] Describe the factors that affect demand [Level 4] Compare and contrast a movement along the curve and a shift of the curve [Level 5/6]

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good KeywordPronunciationDefinition Demand Effective demand Inverse relationship Normal goods Inferior goods CONNECTIVES

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good CONNECTIVES COMPARING Equally… As with… Like… In the same way… Similarly… Even so… Likewise… CAUSE & EFFECT Consequently…Due to… As a result…Therefore.. Because of…Because… SEQUENCING Firstly…After… Secondly…Before… Thirdly…Next… Finally…Lastly… In conclusion…Then… To conclude…Previously… Meanwhile…Subsequently… CONTRASTING Although…Except… Moreover…If… However…Yet… Apart from…Unless… Despite…As long as… EMPHASISING Most importantly… Significantly… Notably… Especially… Above all… In particular… Indeed… QUALIFYING Despite…Yet… As long as…Unless… Apart from…If… Moreover…Except… However…Although… ADDING In addition…And… Too…Also… Additionally…As well as… Furthermore… ILLUSTRATING For instance…Such as… In the case of…So… For example… As revealed by… As illustrated by…

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Climb the Ladder Level 6 1.Evaluate the most significant factor affecting the demand curve 2.Compare and contrast factors of demand affecting food and clothing Level 5 1.Explain two factors that shift the demand curve 2.Explain the difference between a movement of the curve and a shift along the curve. Level 4 1.Describe a demand curve 2.Why does the curve slope downwards left to right ATD Apply to Apply to demonstrate

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Recap Functions of Price The Price Mechanism – Prices provide the main method through which scarce resources are allocated between competing uses. The Signalling Function – Prices signal what is available, conveying information to producers and consumers alike Let’s start bidding…

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Sweets Auction Auction for sweets Hands up if your willing and able to buy Last man standing wins the sweet Require assistant to record info on the Board Results to use overleaf…

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Demand Schedule PriceQuantity Demand Schedule Illustrates demand in relation to price Effective demand Only those able and willing to buy could purchase TASK: Demand Curve – Illustrate these results with Price on Y axis and Quantity on X axis. Why is it inversely related?

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Demand Intro Demand: – The quantity of a product consumers are willing and able to buy at different prices in a specified time period – Normally there is an inverse relationship between the price of good X and the quantity demanded of good X

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good The Law of Demand For normal goods, more is demanded as price falls Firstly at lower prices, consumers can afford to purchase more with their income A CHANGE IN PRICE IS SHOWN BY A MOVEMENT ALONG THE CURVE… A CHANGE IN FACTOR OF DEMAND IS SHOWN BY SHIFTING THE CURVE..

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Questions p.6

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Shifts in Demand curve A CHANGE IN FACTOR OF DEMAND IS SHOWN BY SHIFTING THE CURVE.. These are factors other than Price. Quantity Demanded D1 P1 Q1Q2Q3 D2 D3 Increase in Demand Decrease in Demand

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Factors that affect Demand – Consumer tastes and preferences – Income available to the consumer – Prices of other goods and services Substitute goods Complementary goods – Interest rates – Consumer population

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Factors influencing demand for tea Consumer Incomes Price of other products – Complements / substitutes Tastes and fashion These factors will SHIFT the curve.

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Shift outwards of demand curve With cold weather more people drink tea. At Price 10 demand for tea has increased by ___________. Price 10

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Questions p.11

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Substitutes and Complements Substitutes are goods in competitive demand – They are replacements for another product – For example, a rise in the price of tea should see an increase in the demand for coffee. Complements are said to be in joint demand – Examples include: fish and chips, DVD players and DVDs. – A rise in the price of a biscuits should see a decrease in the demand for tea.

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Normal and Inferior Goods For normal products, more is demanded as income rises, and less as income falls Identify some examples? _________ The opposite is inferior products They are often cheaper poorer quality substitutes for some other good. Examples include black-and-white television sets and ________

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good KeywordPronunciationDefinition Demand Effective demand Inverse relationship Normal goods Inferior goods CONNECTIVES Do you know these words…

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Lesson Objectives P&D Planning and Planning and Data ALL (KNOWLEDGE) Describe the demand curve Define demand / effective demand MOST (ANALYSIS) Analyse the factors of demand for different products SOME (EVALUATION ) Evaluate the significance of the factors of demand Higher thinking Skills

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good CONNECTIVES COMPARING Equally… As with… Like… In the same way… Similarly… Even so… Likewise… CAUSE & EFFECT Consequently…Due to… As a result…Therefore.. Because of…Because… SEQUENCING Firstly…After… Secondly…Before… Thirdly…Next… Finally…Lastly… In conclusion…Then… To conclude…Previously… Meanwhile…Subsequently… CONTRASTING Although…Except… Moreover…If… However…Yet… Apart from…Unless… Despite…As long as… EMPHASISING Most importantly… Significantly… Notably… Especially… Above all… In particular… Indeed… QUALIFYING Despite…Yet… As long as…Unless… Apart from…If… Moreover…Except… However…Although… ADDING In addition…And… Too…Also… Additionally…As well as… Furthermore… ILLUSTRATING For instance…Such as… In the case of…So… For example… As revealed by… As illustrated by…

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Define the term demand [Level 3] Describe the factors that affect demand [Level 4] Compare and contrast a movement along the curve and a shift of the curve [Level 5/6]

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Climb the Ladder Level 6 1.Evaluate the most significant factor affecting the demand curve 2.Compare and contrast factors of demand affecting food and clothing Level 5 1.Explain two factors that shift the demand curve 2.Explain the difference between a movement of the curve and a shift along the curve. Level 4 1.Describe a demand curve 2.Why does the curve slope downwards left to right ATD Apply to Apply to demonstrate

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good The Blob Tree What position on the Blob Tree best represents your learning today? Why do you think this? R Review the Learning Review the Learning

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Pass the Parcel Add as much information you can remember from today’s lesson When the horn blows – pass your sheet to the next table! R Review the Learning Review the Learning

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Neighbours 2 things your neighbour has learnt today 1 question your neighbour wants to ask R Review the Learning Review the Learning

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Summarise your learning today into a single tweet 140 characters Keep all of the information Tweet STOP R Review the Learning Review the Learning

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good 1 question you need to ask 2 new things you learnt 3 pieces of information R Review the Learning Review the Learning

Economics Section: Market SystemFurther Reading Chps 2 – 3 Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good 5 minutes... GO STOP