Chapter 4: Demand Opener. Copyright © Pearson Education, Inc.Slide 2 Chapter 4, Opener Essential Question How do we decide what to buy.

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Presentation transcript:

Chapter 4: Demand Opener

Copyright © Pearson Education, Inc.Slide 2 Chapter 4, Opener Essential Question How do we decide what to buy

Copyright © Pearson Education, Inc.Slide 3 Chapter 4, Opener Guiding Questions Section 1: Understanding Demand –How does the law of demand affect the quantity demanded? The law of demand states that as the price of a good or service increases, the quantity of that good or service will decrease.

Copyright © Pearson Education, Inc.Slide 4 Chapter 4, Opener Guiding Questions Section 2: Shifts in the Demand Curve –Why does the demand curve shift? Many factors can cause the demand curve to shift including change in price, change in people’s income, consumer expectations, and demographics.

Copyright © Pearson Education, Inc.Slide 5 Chapter 4, Opener Guiding Questions Section 3: Elasticity of Demand –What factors affect elasticity of demand? Elasticity of demand is determined by how readily available adequate substitutes are as well as whether or not a person needs the good or service.