Changes in Supply and Demand

Questions for Discussion:

Do you want and buy the same clothes/music you did 3 years ago?

What changed for you?

Questions You Will be Able to Answer at The End of Lesson:

What factors cause changes in demand in markets?

What factors cause changes in supply in markets?

How do supply and demand graphs shift based on changes in demand/supply? (page 86)

Additional Practice and Review (you will need to do some research on current events):

  1. In terms of supply and demand for gasoline/diesel powered vehicles, how do you anticipate the demand curve shifting?
  2. In terms of demand and supply for smartwatch market in which direction is the supply line moving
  3. On a small freehand graph illustrate your answers.

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Supply and Demand Continued

Activity:

Make a simply supply and demand graph
Demonstrate Surplus and Shortages (page 79)

What factors cause changes to demand and supply?

The Determination of Price – scenarios (page 89-90)

Increase in demand, decrease in demand, increase in supply, decrease in demand

Additional Practice and Review

Exercise 7 Application page 92-93

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Supply and Demand

The last time you purchased something:

1.Where did you buy it?

2. How much?

3.What determined where you bought it and the price you paid?

4.Would you buy more if it were cheaper?

For your notes:

  • Review four types of markets (page 73)
  • The law of demand (page 73)
  • The Law of Supply (page 76)

Activity:

Make a simply supply and demand graph
Demonstrate Surplus and Shortages (page 79)

What factors cause changes to demand and supply?

The Determination of Price – scenarios (page 89-90)

Increase in demand, decrease in demand, increase in supply, decrease in demand

Additional Practice and Review

Exercise 7 Application page 92-93

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Economic Thought

Groups of 4

Select one of the following Economic Thinkers:

  • Adam Smith
  • Thomas Malthus
  • David Ricardo
  • Karl Marx
  • John Maynard Keynes
  • John Kenneth Galbraith
  • Milton Friedman
  • Paul Krugman

Prepare a brief outline of:

  1. Biography
  2. The Times
  3. Ideas that Changed Economic Thought

All students are to complete a chart for each of the above:

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Some Possible Topics

Due: March 10th

You may select an issue in economics or a major event in economic history as your focus:

Some major events:

  1. The Great Depression
  2. Stagflation of the 1970’s
  3. The 70’s Energy Crisis and the Oil Shock of 1973
  4. The Savings and Loans Crises
  5. The Great Recession of 2008
  6. The Japanese Asset Price Bubble and the Lost Decade
  7. The Dot.Com Bubble
  8. The Greek Debt Crisis
  9. European Sovereign Debt Crisis

Pick from:

  1. Housing Affordability – Why are Prices Rising So Fast and What are the Consequences?
  2. Is Canada Getting Too Old?: Consequences of an Aging Population-An Economic Perspective.
  3. Organized Labor: Why Is Labor Unionism Declining?
  4. Women in the Labor Force: Are They Getting Their Due?
  5. Minorities in the Labor Force: Are They Getting Their Due?
  6. Canadian Tax Policy: Is the Canadian Tax System Fair?
  7. Poverty in Canada: Is the Middle Class Dream an Increasingly Impossible One?
  8. Modernization of Agriculture: Can Canadian Farmers “Make It” in the 21st Century?
  9. Socialism vs. Laissez-faire: What Direction for the New Millennium?
  10. Free Trade: are Free Trade Deals a Good Idea for Canada?