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