1. Name:________________
Date:_____
Economics - Demand and Supply
Mr. Mize

2. What is Best?

3. How do we determine Price(BEST)?

4. ____________________________________________
Utility
____________________________________________
  

5. You mean, the more I buy the happier I’ll be?!?!
 

10. Quantity
Marginal Utility
Total Utility 1 2 3 5 6 7 8

11. Diminishing Marginal Utility
___________________________________________________________________________________________________________________

12. _______ + _______ = Demand
$$Price$$
Quantity Demanded

13. As prices _____ people will buy _____.
Law of…
Demand
As prices _____ people will buy _____.
As prices _____ people will buy ____.

14. Demand Curve

15. Why does Demand work this way?
Income Effect:_______________ _____________________________________________________________________
2) Substitution Effect: __________ ______________________________________________________________________________

16. What’s the difference?

17. Inferior Goods: ______________ _____________________________________________________________________
Normal Goods: ______________ __________________________________________________________________

18. Substitutes: _______________ ____________________________________________________
Complements: _____________ ____________________________________________________

19. Change in Quantity Demanded
A movement _______ a given demand ________ caused by a ___________ in demand _______. The only _________ that can cause a change in quantity demanded is _______.

20. Change in Demand
A ______ of the demand _______ caused by a __________ in one of the _________ of demand . A change in demand is caused by any factor affecting demand _________ price.

21. Plot a change in the Quantity Demanded
Lets practice…
Plot a change in the Quantity Demanded

22. Lets practice…
Plot a change in Demand

23. _________ + ______ = Supply
$$Price$$
Quantity Supplied
700
600
500
300
200
100

24. Producers are willing to sell… _____ for a _______ price and
Law of…
Supply
Producers are willing to sell…
_____ for a _______ price
and
____ for a ______ price.

25. Supply Curve