1. Demand

2. Warm Up What do you already know about the law of Supply and Demand?
In what ways have we seen this law of supply and Demand played out in class?

3. Homework: Community Service Project Proposal
Write 1 paragraph on What you propose to do for Community Service. Be sure to include:
The type of Community Service you are doing
Who your Community Service Supervisor is
Where You are Doing the Community Service
Why Your Community Service is Important

4. Learning Objectives Analyze how Demand impacts Economics
Engage in Kinesthetic Learning
Build Connections to your Life

5. Analyzing Demand
Demand: Desire to own Something and the Ability to Pay for it
Law of Demand: Consumers buy more of a good when its price decreases and less when its price increases
Substitution Effect: When Consumers React to an Increase In a good’s price by consuming less of that good and more of other goods
Income Effect: Change in Consumption resulting from a change in Income

6. Make that Money: Eliminate the Competition
Write a 1-Paragraph Scenario In which you Become a Competitor for Producing a good that you think is overly priced
Your Scenario has to Demonstrate the Law of Demand, Substitution, and Income Effects
You have to explain why you are going to be making money in this scenario
You need 5 Graphics or Images to help Explain the Scenario you have created

7. Demand Schedule
Market Demand Schedule: A Table that Lists the Quantity of a good All Consumers in market will buy at each different price
Individual Demand Schedule: Table That lists the quantity of a good that one person will buy at each price
Under your paragraph, Create an Individual Demand Schedule and a Market Demand Schedule for the Good that you are producing

8. Biggie’s Individual Demand Schedule
Price of Dog Treats
Quantity Demanded Per Day
$1.00 5
$2.00 4
$3.00 3
$4.00 2
$5.00 1
$6.00

9. Biggie inc.’s Market Demand Schedule
Price of Dog Treats
Quantity Demanded Per Day
$1.00
300
$2.00
250
$3.00
200
$4.00
150
$5.00
100
$6.00 50

10. Check For Understanding
What is the difference between an Individual and Market Schedule?
Which one would fall under MacroEconomics and Which one would fall under MicroEconomics?
Why do you think there is less Demand for the higher priced Products?
What does this tell Biggie about His supply of Dog Treats?

11. Create an Individual and market Demand Curve
Demand Curve: A Graphic Representation of a Demand Schedule

12. Exit Ticket What happens to the Demand of Goods When prices go Up?
Which is more beneficial to a business Owner: Individual or Market Schedule? Why?

13. Time To Work On Study Guides/Homework
Use this in-Class Time to Work on writing your Community Service Project Proposal

14. Warm Up How does the price of a good impact demand?
What other Factors could impact the demand of a good other than price?

15. Homework: Community Service Project Proposal
Write 1 paragraph on What you propose to do for Community Service. Be sure to include:
1. The type of Community Service you are doing
2. Who your Community Service Supervisor is
3. Where You are Doing the Community Service
4. Why Your Community Service is Important

16. Learning Objectives Analyze the Factors that impact demand
Engage in Collaborative Learning
Interpret Demand Vocabulary

17. Looking Ahead
Quiz Next Week

18. Factors that can Change the Demand of a good
Price
Income
Consumer Expectations About the Future
Population/Demographics
Consumer tastes and Advertising: Trends, Media, Advertising

19. Check For Understanding
Rank the Factors that Can Change the Demand of a good from Most Impactful to Least Impactful
Be Ready to Explain why You ranked the factors in the way that you did

20. Journal 5: The Surging Hispanic Economy
What do Nationwide Statistics, from , tell us about the income of Latinos?
What examples of Hispanic entrepreneurs does the article give?
According to the article, why were some businesses having trouble selling products to the Hispanic market?
This Article focuses on Charleston, S.C.- Do you think it would be different if the author focused on California? Why or Why not?
Which Demand factor do you think is most important when Considering the Economic Changes as a result of increasing Hispanic consumers, producers, Employees, and Employees?

21. Normal and Inferior Goods
Normal Good: Good that consumers demand more of when the income of the consumer increases
Inferior Good: Good that consumers demand less of when the income of the consumer increases
Create a list of 5 goods that you would consider Normal and Inferior Goods

22. Complements and Substitutes
Complements: Two goods that are bought and used together
Substitutes: Goods used in Place of One another
Create a list of 3 Goods that would be considered Complements and 3 goods that would be considered substitutes

23. Check For uNderstanding
What factors can impact the Demand of A good and how can they impact the demand of those goods?

24. Elasticity and Demand
Elasticity of Demand: Measure of how consumers react to a change in price
Inelastic: Describes demand that is not very sensitive to a change in price
Elastic: Describes demand that is very sensitive to a change in price

25. Artistic Expression
For each of the following terms, create a drawing to show what they mean:
Elastic
Inelastic
Elasticity of Demand

26. Warm Up
What factors can you name that will affect the Elasticity of a good?

27. Homework: Complete Study Guide
Write out all notes and relevant material for everything on the study guide

28. Looking Ahead
Quiz on American Free Enterprise- Demand in 2 classes from now
Warm Up Check going back to 8/1

29. Factors that Affect Elasticity
1. Availability of Substitutes
2. Importance
3. Necessities vs. Luxuries
4. Price Changes over Time

30. Discussion Questions
What goods can you think of that used to be luxuries but are now considered necessities?
How has this change over time impacted the Elasticity of these goods?
What is Ethics? How Could Demand become an Ethical issue?

31. Total Revenue
Total Revenue: The Total Amount of Money a Firm receives by Selling Goods or Services
Think about the following producers: Which can expect a revenue increase from higher prices and which can expect a revenue decrease from higher prices. Be ready to explain why you think this:
Pharmaceutical Companies
Entertainment Software Companies
PG&E
Sportswear ManufactureR

32. Check for Understanding
What is Elasticity and what Role does it play in Economics?

33. In Class Time to work on Study Guides
In class time to work on Study Guides for Quiz 2: American Free Enterprise- Demand