Economics – 5/02/2016

I.  Bellwork:

Write a paragraph (3-6 sentences) about a product or service you tried to purchase that was difficult to obtain due to high demand.  Explain why demand for the product or service was so high and how you were able or unable to obtain the product or service

II.  Objective:

• Determine what creates demand, identify factors which influence quantity demand, and construct economic models used to represent demand
• Construct thinking maps to identify components .
• Determine the meaning of words and phrases as they are used in a text

III  Discussion& Notebook –  Demand Pages 91-95

• What is Microeconomics?
• Create a Brace Map in your Notebook:

• Conditions necessary for Demand to exist (3)

 

• Notebook:  Copy- Demand Schedule & Demand Curve – Figure 4.1
• View Video: Law of Demand –
• Copy Arrows below in your Notebook:
• View Video:   Diminishing Marginal Utility

IV.  Classwork

• Copy Schedule & Graph – Demand Curve for CD’s only
• Page 91 Vocabulary 11

Economics W2016