Demand

Demand

By Brian White

Learning Objectives

Some text here about the topic of discussion

• What is the Law of Demand?​

• What effects cause The Law of Demand​

• What is Demand Schedule and Demand Curve

• ​What factors cause a change in demand ?

Intro to Demand

On the next slide watch the video on Demand be prepared to answer a few questions after the video is over ​

Some text here about the topic of discussion

Multiple Choice

Based on the video which way does the demand curve go ?

• Upward

• Downward

Multiple Choice

Which is not one of the 3 reasons why the demand curve is downward sloping ?

• Substitution Effect

• Income Effect

• The Butterfly effect

• Law of Diminishing Marginal Utility

Multiple Choice

Which is not one of the 5 shifters of Demand

• Tastes and Preferences

• Number of Consumers

• Income

• Expectations

• Taxes

Multiple Choice

When Demand increases the Demand Curve will shift which way ?

• Left

• Right

Multiple Choice

When Demand decrease the Demand curve will shift which way ?

• Left

• Right

Multiple Choice

When would demand increase for an Inferior Good?

• When Income decreases

• When Income Increases

Multiple Choice

When would the demand for normal goods increase?

• When Income Decreases

• When Income Increases

Multiple Choice

When points move along the demand curve this is known as this ?

• Change in Demand

• Change in Quantity Demanded

Open Ended

Demand is being __________ and _____________ to buy something

Open Ended

Explain the Law of Demand

Open Ended

What two effects cause the Law of Demand ?

Open Ended

What is the substitution effect ?

Open Ended

What is the Income Effect ?

Open Ended

What price level generates the highest total revenue ?

Open Ended

What is a demand Curve ?

Open Ended

Watch the video on Demand Schedule and Demand Curve. Create a Demand Curve based on the Demand Schedule for Pizza Slices on the previous slide. Once you are done attach a pic of your work

Multiple Choice

Price is the only factor that effects demand

• True

• False

Multiple Choice

If the Demand Curve shifts at every price level then you have a change in demand

• True

• False

Open Ended

An increase in Demand causes the Demand Curve to shift which way ?

Open Ended

With a positive relationship you expect the price to rise so would you demand more or less right now?

Open Ended

A decrease in demand causes the Demand curve to shift to the ________________

Open Ended

Changes in _______________ will effect the demand for a good or service

Open Ended

The demand for these types of goods increases when people's income increases?

Open Ended

What is an example of a normal good ?

Open Ended

With this type of good an increase of income actually causes the demand to decrease?

Multiple Choice

When income decreases places like dollar general and fast food places will thrive

• True

• False

Open Ended

What are consumer expectations ?

Multiple Choice

With a positive relationship and prices may rise would you expect the demand to be more or less now?

• More

• Less

Multiple Choice

With a negative relationship if you expect the price to drop will you demand more or less now ?

• More

• Less

Multiple Choice

Changes in Population and Demographics also are factors in changing demand

• True

• False

Multiple Choice

More people usually means more or less demand ?

• More

• Less

Open Ended

Give and example of changes in Consumer taste or social trends that would change demand for a good or service

Open Ended

How can advertising cause a shift in demand?

Open Ended

What are two types of related goods ?

Open Ended

What are complementary goods ? and give some examples

Open Ended

What are substitute goods and give an example?

Open Ended

Give an example of how Demand impacts your daily life based on the things we learned in this lesson