Warm up 2/25/13 p.79-83 1.What is an example of something you consider an inferior good? 2.What is one good that can be considered a complement for another?

Slides:

Advertisements

Similar presentations

Demand Shifts. Law of Demand  Demand Curves shift when quantity demanded changes –Causes  Income –Normal good –Inferior good  Consumer expectations.

Advertisements

Chapter 5 Some Applications of Consumer Demand, and Welfare Analysis.

Chapter 3 Demand.

Understanding Demand What is the law of demand?

Chapter 4 Notes Demand.

Notebook # 11 Economics 4-2 Factors Affecting Demand.

Explorations in Economics

Computing the Price Elasticity of Demand. The price elasticity of demand is computed as the percentage change in the quantity demanded divided by the.

By: KiKi.  Competitive market- a market in which there are many buyers and sellers of the same good or service, none of whom can influence the price.

Price Elasticity of Demand Price Elasticity and Total Revenue Determinants of Price Elasticity of Demand Elasticity of Demand.

Chapter 4 Demand.

Chapter 4SectionMain Menu Understanding Demand What is the law of demand? How do the substitution effect and income effect influence decisions? What is.

Chapter 4SectionMain Menu Understanding Demand What is the law of demand? How do the substitution effect and income effect influence decisions? What is.

1 Price Elasticity of Demand  In order to predict what will happen to total expenditures,  We must know how much quantity will change when the price.

Economics Chapter 4 - Demand. What Is the Law of Demand? The law of demand states that consumers buy more of a good when its price decreases and less.

Section 1 Understanding Demand

What is the law of demand?

ELASTICITY RESPONSIVENESS measures the responsiveness of the quantity demanded of a good or service to a change in its price. Price Elasticity of Demand.

Understanding Demand What is the law of demand?

12th Economics Chapter 4 Section 1

Elasticity of Demand. What goods would you always find money to buy even if the price were to raise drastically? What goods would you cut back on, or.

What Is the Law of Demand?

Demand.   Objectives:  Explain the law of demand.  Describe how the substitution effect and the income effect influence decisions.  Create a demand.

Do Now – How much would you pay for: Cold Soda Sneakers Sandwich Cell Phone.

Economics Learning Steps 1/23/13. Complete Fundamentals of Economics Unit 1 Test Review.

Understanding Demand (Ch.4-1) What is the law of demand? How do the substitution effect and income effect influence decisions? What is a demand schedule?

Economics Unit Three Part I: Demand. Demand Essentially, demand is the willingness (or desire) to buy a good or service and the ability to pay for it.

Income Elasticity of Demand

Assignment : Jeopardy (25 notes) Mr. Robinson Chapter

Elasticity. Price elasticity of demand Measures the responsiveness to a change in price; that is, will the quantity demanded change if the price of the.

Chapter 4SectionMain Menu Demand when you are willing and able to buy at that price The law of demand states that consumers buy more of a good when its.

MR. SOUTHWARD DEMAND, SUPPLY, AND EQUILIBRIUM – TOPIC 3.

Chapter 4. The law of demand states that consumers buy more of a good when its price decreases and less when its price increases.  The law of demand.

Date: March 13, 2014 Topic: The Law of Demand Aim: How does demand affect decision making? Do Now: Multiple Choice Questions.

Chapter 4SectionMain Menu Understanding Demand What is the law of demand? How do the substitution effect and income effect influence decisions? What is.

Economics Chapter 4 - Demand What Is the Law of Demand? The law of demand states that consumers buy more of a good when its price decreases and less.

Chapter 4SectionMain Menu The law of demand states that consumers buy more of a good when its price decreases and less when its price increases. What Is.

CHAPTERS 4-6 SUPPLY & DEMAND Unit III Review. 4.1 Understanding Demand Demand: the desire to own something and the ability to pay for it. The law of demand:

Change in Demand. a) Normal Goods Goods for which demand increases as income increases.

Unit 3 SUPPLY AND DEMAND. Chapter 4 DEMAND  To have demand for a product you must be WILLING and ABLE to purchase the product  WILLING + ABLE = DEMAND.

Effect of a tax on price and quantity S + tax S O P1P1 Q1Q1 D P Q.

Chapter 4- Demand. Section 1: Understanding Demand 2/11/ What is the law of demand? How do the substitution effect and income effect influence decisions?

SCARY NECK BOLTS CREEPYFANGSUGLY.

Consumers and Demand. The Law of Demand Demand: The desire to own something and the ability to pay for it. The Law of Demand: Consumers buy more of a.

THE LAW OF DEMAND. The quantity demanded is the amount of a good that consumers are willing and able to purchase at a particular price over a given period.

 I can DEFINE supply and demand and understand how, together, they determine MARKET PRICES.

Chapter 20.2 Factors Affecting Demand. Changes in Demand Market demand can change when more consumers enter the market; when incomes, tastes and expectations.

Chapter 4: Demand  Section I: Understanding Demand  Section II: Shifts of the Demand Curve  Section III: Elasticity of Demand.

Chapter 4SectionMain Menu Chapter 4 Notes Remember the notes I highlighted in red are what I feel are most important. Just be able to “defend” your notes.

4.1 UNDERSTANDING DEMAND CHAPTER 4 DEMAND.  DEMAND: the desire to own something and the ability to pay for it  Summer Blow Out Sale Summer Blow Out.

Chapter 4SectionMain Menu Understanding Demand What is the law of demand? How do the substitution effect and income effect influence decisions? What is.

VOCABULARY REVIEW CHAPTERS 4-6. Vocabulary Chapter 4 ____________ is the amount of money a firm receives by selling its goods. Total revenue When the.

Demand. The law of demand states that consumers buy more of a good when its price decreases and less when its price increases.

UNDERSTANDING DEMAND  What is the law of demand?  How do the substitution effect and income effect influence decisions?  What is a demand schedule?

© 2013 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

More on consumer demand

Chapter 4 Demand.

Understanding Demand What is the law of demand?

Economics Chapter 4 Review.

Coach Ramsey is Demand September 9, 2008.

Economics Chapter 4 Review.

Think of 3 things in your life that you have either bought or were given to you that you wanted more then anything. (this could be recent or from back.

Unit 3: Microeconomics Lesson 1: Demand.

Chapter 4 Section 1.

Demand Chapter 4.

Demand Demand vs. Effective Demand Starting a business - What next?

Presentation transcript:

Warm up 2/25/13 p What is an example of something you consider an inferior good? 2.What is one good that can be considered a complement for another? 3.What are two goods that can be considered substitutes?

Warm up 2/26/13 p What is elasticity of demand? 2.What is inelastic? 3.What is elastic?

Warm up 2/27/13 review 1.What is a change in consumption resulting from a change in real income? 2.What is a way that a change in price determines whether or not consumers buy goods? 3.What is a percentage change in quantity demanded is exactly equal to a percentage change in price called?

Warm up 2/28/13 p What is a good that replaces another product? 2.What is a graphic representation of a demand schedule? 3.What is a list or table of how much consumers will demand?

Warm up 3/1/13 p.97 1.What entrepreneurial traits did Darrow use to make Monopoly a success? 2.For Darrow, what were the benefits and drawbacks of being an entrepreneur? 3.List other entrepreneurs and explain their contributions to the people and economy of the United States.