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)
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