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Law of Demand

Law of Demand

Assessment

Presentation

Education, Business

12th Grade

Practice Problem

Easy

Created by

Rachel Kramer

Used 40+ times

FREE Resource

12 Slides • 11 Questions

1

Law of Demand

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Multiple Choice

How are you doing today?

1

Great! Economics is my favorite class!

2

I am doing well today.

3

I am okay.

4

Do not ask

3

Poll

I know______ about the Law of Demand

A ton. I'm an expert

Some

A little

What even is "demand"

4

How is the price for a good or service determined?

​Combination of Supply and Demand

The Supply = How much is made available by the company (producer)

The Demand = How much is demanded by the consumer

5

Open Ended

What is supply?

6

Open Ended

What is demand?

7

Why is this true?

When a good becomes cheaper, people see it as a deal and will demand more of it. The opposite is true when the price of something goes up; people see it as expensive and are less likely to buy it.

What is the Law of Demand?

Consumers are willing to buy (demand) more of a good or service when prices go down

​AND

Consumers will buy (demand) less when process increase

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Multiple Select

How do you feel so far about this topic?

1

Fine

2

I am starting to understand this

3

I am lost

4

All of the above

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Open Ended

Name another complimentary good(s)

15

Open Ended

How would INCOME determine/change demand?

16

Open Ended

How would a consumers TASTE change demand?

17

Open Ended

How would POPULATION change demand?

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​These Factors can Shift the Demand Curve

  • All of these factors can have an effect on the amount of a good demanded.

  • Any change in the demand from these factors can be shown on a demand curve graph.

  • A change in demand will cause the demand curve to shift either to the right or left.

  • A shift to the left means there would be a decrease in demand, while a shift to the right would mean an increase in demand.

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Multiple Choice

When there is an INCREASE in Demand, the demand curve shifts?

1

left

2

it does not move

3

Northwest

4

right

23

Multiple Choice

When there is a DECREASE in Demand, the demand curve shifts?

1

left

2

right

3

no where

4

around the graph

Law of Demand

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