Intro - What trendy items have you seen that have come and gone in society? What caused them to arise? What caused them to disappear?

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Presentation transcript:

Intro - What trendy items have you seen that have come and gone in society? What caused them to arise? What caused them to disappear?

 Quantities of a particular good or service that people are willing and able to buy at different possible prices.

 Consumers buy more of a good when its price decreases and less of a good when its price increases.

 What caused this shift in demand?  Is this reliable if you are starting a business?  How can we better guarantee a successful business?

Q o $ Price of Cereal Quantity of Cereal Demand Schedule Draw this large in your notes 6 Price Quantity Demanded $510 $420 $330 $250 $180

Q o $ Price of Hula Hoops Quantity of Cereal Demand Schedule Price Quantity Demanded $510 $420 $330 $250 $180 Demand

1. Changes in Income (the income effect) 1. Examples?

2. Prices or availability of substitutes (The substitution effect)  A substitute is a good/service that can be used in place of another.

 Prices or availability of complementary goods.  Complimentary goods are things that are often sold or used together.

 Changes in the number of buyers.

 Changes in preference, tastes, and technology.

 Work on Unit 2 Assignments Sheet  Extra credit if complete with portion 1 by Tuesday.