UNIT TEST TODAY 26 Multiple Choice 8 Matching 10 Short Answer – Analyze a PPF – Interpret Comparative and Absolute Advantage DO NOT WRITE ON THE TEST BOOKLET.

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Presentation transcript:

UNIT TEST TODAY 26 Multiple Choice 8 Matching 10 Short Answer – Analyze a PPF – Interpret Comparative and Absolute Advantage DO NOT WRITE ON THE TEST BOOKLET

The Law of Demand Objectives Explain the law of demand and how a demand schedule is represented in a demand curve. Understand the difference between and individual and a market demand curve.

Law of Demand Key Terms – Demand – Quantity demanded – Law of demand – Demand schedule – Demand curve – Individual demand curve – Market demand curve

How many coffees would you buy in a week if your coffee at Starbucks cost $8?

Law of Demand Demand – Relationship between price and quantity demanded for a good or service, when other variables are held constant. – The buying side in a market Quantity demanded – The amount of goods and services purchased at a given price.

Law of Demand Law of demand – There is an inverse relationship between the price of a good or service and the quantity buyers purchase – Guided by self interest Demand schedule – A table that lists the quantity of a good or service consumers purchase at various possible prices

Bobs Demand Schedule for DVDs PointPrice per DVDQuantity Demanded per Year A$204 B$158 C$1012 D$516 Demand schedule: A table that lists the quantity of a good or service consumers purchase at various possible prices

Law of Demand Demand Curve – Formed by the line connecting points that represent possible combinations of price and quantity purchased by consumers – A summary of buying intentions

Bobs Demand Curve for DVDs

Market Demand Individual demand curve (D 1 ) – The demand for a single consumer Market demand curve (D total ) – Sum of all the individual demand curves in a market

Market Demand Schedule for DVDs Price per DVDQuantity Demanded (Bob) Quantity Demanded (Mary) Total Demand $20213 $15336 $10459 $55712

Market Demand Curve for DVDs

Think/Pair/Share Create an individual demand schedule (weekly) for each of the following goods at the provided price increments: – School Lunch $2, $4, $6, $8 – Bottled Water $1, $3, $5, $7 – DVD/BluRay $5, $10, $15, $20 With a partner combine your individual demand to create a market demand schedule for each product. **Remember to hold all other variables constant**

Review True or False: The concept of demand is based on the responses of sellers to price changes False

Review True or False: A market demand curve is the sum of all the individual demand curves in a market True

Review The law of demand states there is an ___________ relationship between the price of a good or service and the quantity buyers purchase. Inverse

Review Quantity demanded is the __________ of goods and services purchased at a given price. Amount

HOMEWORK Demand Homework #1 – Plot and label the demand curve – Fill in the blanks, or choose the appropriate answer provided