1. Monday, September 8 Announcements Agenda
Meet the Teacher is tomorrow from 6:30-8
Please only use YOUR issued textbook, unless you have asked someone if it is OK to borrow
Warm-up: study time (10 min)
Practice: Ch. 1-3 Test
Presentation: Demand Part I
Practice: Creating Demand Curves; Demand Scenarios

2. List the last 3 things you bought (good or service) and how much you paid for them. Write down two things you took into account before making the purchase.

3. Demand is the desire to own something and the ability to pay for it.
Why do we study demand before supply?

5. A demand curve is a graphic representation of a demand schedule.

6. Limits of a Demand Curve
Demand curves are only accurate for specific market conditions
They only take into account price

7. Behaviors that Affect the Law of Demand
Substitution Effect: when consumers react to an increase in a good’s price by consuming less of that good and more of other goods
The price of pizza rises, so your order less pizza and more Chinese takeout.

8. Behaviors that Affect the Law of Demand
Income Effect: the change in consumption due to a change in income
The price of pizza rises, so you order out less.

9. Law of Demand?

10. A demand schedule is a table that lists the quantity of good that a person will purchase at a certain price.

11. A market demand schedule shows how much consumers in a certain market will buy.