1. Demand

2. WALT: Construct a demand schedule

3. Consumers A consumer is anyone who buys or uses goods or services
All of the consumers in your home make up a household

4. Demand is the quantity of a good or service that a consumer is willing and able to purchase.

5. The law of demand
As the price increases, the quantity demanded decreases, vice versa, ceteris paribus

6. Ceteris paribus means everything else is held constant and only price is allowed to change.
We know in reality you can’t do this but just pretend.

7. Demand Schedules
This is a table that shows the quantity of a good or service a consumer is willing and able to buy at each price
A demand schedule must have:
A title stating who the demand is for, in what time period and what good is being demanded.
Price ($) in the left hand column, going from lowest to highest
Quantity demanded in the right hand

8. Demand Schedule Example
TITLE: Lillie’s Demand for chips per week
Price ($)
Quantity Demanded 1 5 2 3 4

9. Workbooks pages 18-21

10. WALT: Construct a demand curve from a given schedule

11. Demand Curve A curve that shows the quantity demanded of a product
Lillies weekly demand for chips
Price ($)
Quantity (Packets of chips)

13. TALL Title Axis Labels Line
TALL helps us remember the key points to draw an accurate line graph.

14. WALT: Show price changes on a demand curve

15. Change in the Quantity Demanded
Price is the only thing that will change the quantity demanded.
A change in price moves you along the Demand curve.
An increase in price causes a decrease in the Quantity demanded
An decrease in price causes an increase in Quantity demanded
Price and quantity move in opposite directions

16. LAW OF DEMAND
As price decreases then quantity demanded increases or as price increases quantity demanded decreases, ceteris paribus. P $ D Q

17. Powerade has increased from $1 to $2 - show the effects on your graph
Requirements
D – dotted lines
A – Arrows (3)
L – Labels (new and old price, new and old Quantity) P2 P1 Q2 Q1

18. Law of Demand
As price increases from $1 at P1 to $2 at P2, the quantity demanded decreased from 5 bottles per week at Q1 to 3 bottles per week at Q2.
This is because Powerade has become less affordable for Sam

19. Workbooks
Exercises page 28-30