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Aim: What is the law of supply and demand?

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Presentation on theme: "Aim: What is the law of supply and demand?"— Presentation transcript:

1 Aim: What is the law of supply and demand?
Do Now: Handout

2 Economic Terms DEMAND amount of product a consumer is willing to buy at a certain price

3 Law of Demand Consumers will buy more of a product as price goes down
Consumer will buy less as prices go up

4 DEMAND DEMAND PRICE PRICE Law of Demand
Ask yourself, would you purchase a slice of pizza for lunch if it was $1? What about $2? What about $5? As the price rises, we are less willing to purchase it.

5 Law of Demand $2.00 Price $ .50 100 1 Quantity Demanded

6 Economic Terms SUPPLY amount of product a producer is willing to sell at a certain price

7 Law of Supply Suppliers will be willing to sell more of a product when price goes up Suppliers will be willing to sell less of a product when price goes down

8 Law of Supply PRICE SUPPLY PRICE SUPPLY

9 Law of Supply $2.00 Price $ .50 100 1 Quantity Supplied

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