Archive for the ‘Unit 2 -Supply and Demand’ Category

Elasticity of Supply

Questions you will be able to answer: Why is supply elasticity an advantage for businesses? What factors affect supply elasticity? What do inelastic/elastic supply and demand models look like? Additional Practice and Review Read 98-101 Check Your Understanding 1 a,b  

Elasticity of Demand

Questions you will be able to answer: What impact does price have on demand? How can we measure the impact a price increase or decrease will have on demand? How can decision makers use this information? Elasticity of Demand Coefficient of demand = (% change in demand / % change in price) Inelastic demand: Coefficient […]

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 […]

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  

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: […]