Module 5 Supply and Demand.

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Presentation transcript:

Module 5 Supply and Demand

M5 Quiz 1. What is a competitive market? 2. What is the demand curve? 3. What is the difference between movements along the demand curve and changes in demand? 4. What factors shift the demand curve? (all 5) M5 Quiz

Many Buyers and Many Sellers. Competitive Market

Is the graphical representation of the demand schedule which shows the relationship between the quantity demanded and price. When the price is higher, the quantity demanded is lower Demand Curve

Movements Along vs Shifts Movements Along the demand curve are changes in the quantity demanded. Shifts in the demand curve illustrate a change in demand, a shift in the quantity demanded at ALL price levels. Movements Along vs Shifts

Factors that Shift Demand 1. changes in the price of related goods or services 2. changes in income 3. changes in taste (preference) 4. changes in expectations 5. changes in the number of consumers Factors that Shift Demand

Lets go Over your Unit 1 Tests Multiple Choice is out of 20 “Free” Response is out of 15 #21 is 9 points #22 is 6 points Grading Scale : 4=31.5 3=28 2=24.5 1=17.5 Lets go Over your Unit 1 Tests