Module Supply and Demand: Introduction and Demand KRUGMAN'S MACROECONOMICS for AP* 5 Margaret Ray and David Anderson.

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Presentation transcript:

Module Supply and Demand: Introduction and Demand KRUGMAN'S MACROECONOMICS for AP* 5 Margaret Ray and David Anderson

What you will learn in this Module : What a competitive market is and how it is described by the supply and demand model What the demand curve is The difference between movements along the demand curve and changes in demand The factors that shift the demand curve

i Competitive Market Supply and Demand Model Supply and Demand: A Model of a Competitive Market

Demand schedule Quantity demanded Demand curve Law of Demand The Demand Curve

Demand Schedule and Demand Curve PriceQuantity $ 8 3 $ 7 5 $ 6 7 $ 5 10 $ 4 12 $ 3 16 $ 2 22 Price Quantity

Understanding Shifts of the Demand Curve Increase = right, Decrease = left M.E.R.I.T. shifts demand market size (number of consumers) expectations related prices (complements, substitutes) income (normal, inferior) tastes