5th Grade Economics

What is the anagram to help us remember the determinants of demand?

• TONY

• TONIE

• BOBBY

• CURRY

What is income?

• Money you spend on things you need.

• Money you give to charity.

• Money earned from a job, tips, investments, etc.

• Money you borrowed from the bank.

What are the five determinants of demand?

• 1. 1. Total Cost

  2. 2. Other people

  3. 3. Nationality

  4. 4. Interest

  5. 5. Economy

• 1. 1. Taste/Preferences

  2. 2. Other influence

  3. 3. Number of items available

  4. 4. Income

  5. 5. Effects of changes

• 1. 1. Total items

  2. 2. Other things

  3. 3. Number of buyers (population)

  4. 4. Interest

  5. 5. Excess supply

• 1. 1. Taste/Preferences

  2. 2. Other goods (substitute)

  3. 3. Number of buyers (population)

  4. 4. Income

  5. 5. Expectations

iPads drop in price due to improved production methods. What will happen to the demand for Kindle tablets?

• The demand for Kindle tablets will increase
• The demand for Kindle tablets will decrease
• The demand for Kindle tablets will remain the same
• The demand for Kindle tablets will fluctuate unpredictably

What is "Economics"?

• The study of systems and processes for producing, buying, and selling goods and services

• The study of the environment and its preservation
• The study of human behavior and culture
• The study of space and celestial bodies

Choose a substitute good for Nintendo Switch

• iPhone

• Chromebook

• PlayStation 4

• Samsung TV

Last week, Giant had a buy one get one sale on peanut butter. As a result, the store sold out of jelly! Using what you know about what causes demand to change, give one possible reason why this might have happened.

What does "Determinants of Demand" mean?

• The factors that change the quantity demanded of goods or services consumers are willing and able to purchase

• The factors that chat change the price of goods or services

• The factors that change the supply of goods or services

• The factors that influence the making of goods or services

When the price of a good or service _______, the quantity demanded _______. (choose two!)

• increases, decreases

• increases, increases

• decreases, decreases

• decreases, increases

What is the effect of income on the demand of a product?

• As income increases, demand decreases

• As income decreases, demand increases

• As income increases, demand also increases

• Income has no effect on demand