Law of Demand

Law of Demand

Multiple Choice

How are you doing today?

• Great! Economics is my favorite class!

• I am doing well today.

• I am okay.

• Do not ask

Poll

I know______ about the Law of Demand

• A ton. I'm an expert

• Some

• A little

• What even is "demand"

​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

Open Ended

What is supply?

Open Ended

What is demand?

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

Multiple Select

How do you feel so far about this topic?

• Fine

• I am starting to understand this

• I am lost

• All of the above

Open Ended

Name another complimentary good(s)

Open Ended

How would INCOME determine/change demand?

Open Ended

How would a consumers TASTE change demand?

Open Ended

How would POPULATION change demand?

​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.

Multiple Choice

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

• left

• it does not move

• Northwest

• right

Multiple Choice

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

• left

• right

• no where

• around the graph