1) The law of demand states that… 2) The demand curve is always… 3) Buying only one drink instead of two drinks at lunch time describes what concept? 4) Describe the demand curve. 5) What is the main difference between the individual demand curve and the market demand curve?
① What causes a change in the quantity demanded for a product? ② How does the demand curve show an increase in demand? ③ How does the change in the price of a good affect its complement? ④ What is an example of substitutes? ⑤ A change in the number of consumers can cause…
1) Total expenditures are determined by… 2) The relationship between the change in price and total expenditures for an elastic demand curve is… 3) If a consumer cannot postpone the purchase of a product, demand tends to be… 4) A company decreases the price of a gallon of milk by 10% and the company’s total revenues fall significantly. What term best describes the demand for milk? 5) Name two items that are demand elastic.
Did YOU do the overview check assignment? Complete chart on board. Finish videos from Friday. And review Bell questions from Friday. Chapter 4 QQs Chapter 4 text ppt *review presentation Thursday. We are relying on you for a thorough explanation.
Due today: Ch.4&5 Overview BELL: Answer the basic questions on the following slide about demand and supply. Check overview. Blank sheet of paper 1-10 Discuss BELL-basics. Comparison chart-Demand and Supply- complete by Tuesday according to the following videos, discussion, text, etc.Demand and Supply Law of Demand and Law of Supply Law of Demand **”reading” quiz at anytime in the next week or so.
① The title of Ch.4 Sec.2? ② Ch.4 Sec.3, A, 2 heading? ③ & 4, What are 2 things that cause a “Change in Supply”? ⑤ Through 7, What are the 3 stages of production? ⑧ “the chg in qty demanded bc of chg in price that alters consumers’ real income”? ⑨ “decrease in satisfaction or usefulness from having one more unit of the same product”? ⑩ “a government payment to encourage or protect a certain economic activity”?
What is the name of Chapter 4? What are the names of Sections 1, 2, & 3? In your own words, what does the Law of Demand state? From whose perspective is Demand? What two components are discussed when considering Demand (AND Supply)? What is slope? What math concept is a “schedule” in economics class? What is its purpose? In your own words, what is a demand curve? In what direction does a demand curve slope? And why? What is elasticity? Give an example of items with elastic and inelastic demand.
Along top: Demand & Supply Down the left side: ◦ Relationship between $ and qty. ◦ Slope direction ◦ Slope (positive or negative) ◦ Graph with labeled axis and schedule ◦ Changes… Chg in qty.-factors affecting each and effect on graphs Chg in-factors affecting each and effect on graphs