How much should a business produce? How much is a consumer likely to buy?How do shortages and surpluses develop?
In this chapter students will analyze how prices change through the interaction of buyers and sellers in a market including the role of supply, demand, equilibrium, and elasticity.
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Focus Questions:
How do businesses use the law of supply to respond to changes in market conditions?
How do consumers use the law of supply to respond to changes in market conditions?
How do buyers and sellers interact to solve the basic economic problem of unlimited wants and limited resources?
ASSIGNMENTS:
Click Here To Open SupplyDemand Practice
Supply and Demand Practice "The Pepsi Challenge"
Practice creating a supply and demand graph. Analyze scenarios that identify surpluses and shortages
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Analyzing Shifts in Demand
Use graphs to illustrate the change in demand from scenarios provided. Identify whether they are shifts or slides on the graph. Explain the reason for change in demand.
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Elasticity Calculations
From the given scenarios, graph the demand curve and calculate the level of elasticity.
Click Here to Open Shifts in Supply
Analyzing Shifts in Supply
Use graphs to illustrate the shifts in supply Explain the reasons for change in supply
NOTES:
Click Here To Open SupplyDemand ppt
PPT: Law of Supply and Demand
Identify the basics of Supply Demand Curves - Shortages - Surplus - Equilibrium
Click Here to Open Supply Demand Notes
Supply Demand Notes
Basics of Supply and Demand
Click Here to Open In Class Practice
In Class Practice Graphing
Practice creating a supply and demand graph. Analyze scenarios that identify surpluses and shortages
Click Here to Open SupplyDemand Review
Supply Demand Graphing Review
Trivia questions about Supply and Demand
Click Here to Open Demand PPT
PPT: DEMAND
Identify the influences on demand
What causes a SHIFT in the demand curve?
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Effects on Demand NOTES
Substitution Effect Income Effect
Click Here to Open Demand Shift Notes
Shifts In the Demand Curve NOTES
Explore the reasons for shifts in the demand curve:
- Income - Preferences - Expectations - Prices of Related Goods
Click Here to Open Elasticity PPT
Elasticity Powerpoint
Explore the reasons for slides in demand and perform calculations to determine the degree
Click Here to Open Elasticity Notes
Elasticity Notes
Explore the reasons for slides in demand and perform calculations to determine the degree