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

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


Some Possible Topics – In Our Time Part I

  1. Dealing With Poverty  – Why are current policies not working?
  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?
  11. Housing Affordability – Why are Prices Rising So Fast and What are the Consequences?

Economic and Political Systems

1. Background Readings to be Completed: Pages 27-37

2. Additional Practice and Review: You should have notes that allow you to answer these questions or you can complete Check your Understanding 1-5 Page 34 & 1-4 Page 37

3. Class Discussion:

Who/What determines the economic system that a country uses?
Two main classifications : 1.Democracy 2. Dictatorship
Discussion: Communism, Socialism, Democracy and Fascism – which is the best for economic stability and growth?
Discussion: Every political-economic system attempts to establish goals and a focus for resources – what are those goals? Who should determine them?

4. Does economics/international trade help or hinder human development?

  • Discussion: Gunder Frank and David Ricardo
  • Marxism/Dependency/modernization debate
  • Discussion: the North Atlantic Slave Trade Triangle and the Luddites

Video Resource:

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6. The Basic Economic Goals for Government:

Political Stability
Reduced Public Debt
Economic Growth
Increased Productivity and Efficiency
Equitable Distribution of Income
Price Stability
Full Employment
Viable Balance of Payments and a Stable Currency


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

Once you have completed your economist find other class members to complete your chart and share the information you have compiled.

All students need a complete a chart for each of the above:

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Thought, Systems and Decision Making


Tangible vs. Intangible Resources

The Environment for firms and individuals- economic systems

The 3 basic questions for any economy

The decision making framework:

  1. by tradition
  2. by command
  3. by market forces


Additional Practice and Review (30 min)
1.Read Pages 27-28
2.Read skill builder : Page 29 look at Questions 1-4
3. Come up with another example of adding value through additional processing or refinement of a product

The Production Possibilities Curve

The Production Possibilities Curve

You should be able to answer the following questions:

What point(s) are productively inefficient, efficient, and not possible?
Why is it called the production possibilities frontier?
What part of the graph illustrates diminishing returns?
What is opportunity cost and how does the graph illustrate this concept?

Assignment (For Submission on Tuesday): Prepare a chart demonstrating 6 production possibilities and the opportunity cost of one item. Label a point (L) that demonstrates unemployed resources (inefficient production) and a point unattainable with current resources and technology (M).

Video Resources: