Vocabulary WordDefinition (in your own words)Symbol/ Illustration DemandWillingness to buy a good or service and the ability to pay for it I want to buy.

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Presentation transcript:

Vocabulary WordDefinition (in your own words)Symbol/ Illustration DemandWillingness to buy a good or service and the ability to pay for it I want to buy something and I have the money to pay for it Law of Demand Demand Schedule Market Demand Schedule Demand Curve Market Demand Curve

Extra Participation Points… Congratulations, you have 5 extra participation points for this week! And I care because…

You can trade in these points for CANDY!!! 1 piece of candy costs 3 points 2 pieces of candy costs 5 points There are 32 of you and 15 candies available

Think-Pair-Share Describe to your neighbor this situation using the term tradeoff.

The limited amount of candies I have describes the basic economic problem of ______________. Scarcity

What is your opportunity cost of purchasing 1 candy? 3 extra participation points

Let’s pretend that the price of the candies just dropped to 1 participation point. What do you think would happen to the demand for candy? The demand would rise

Using the vocabulary list from today’s warm up, what key term would describe the relationship between the change in price and your actions? Law of demand

Cheryl LOVES movies, especially the Star Wars trilogy

The Situation Cheryl saved up all summer to buy the Star Wars trilogy DVD box set which is $70 Unfortunately, by the time she went to the Daly City video store to buy the DVD set, they were all sold out

Demand Schedule IN YOUR NOTEBOOKS, ANSWER Q’S 1 AND 2 ON PAGE 100

Demand Curve IN YOUR NOTEBOOKS, ANSWER Q’S 1&2 ON PAGE 102

Market Demand Schedule In your notebooks, answer Q’s 1&2 on page 101

Market Demand Curve In your notebooks, answer Q’s 1&2 on page 103