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I can define demand as an economic term

I can define demand as an economic term I can explain how demand is represented as a demand schedule and demand curve. v b a y. AUCTIONS. v b a y. AUCTIONS. Terms and Conditions 5 lots will be offered. You must bid at least $1 You MUST bid on at least 3 lots. v b a y. AUCTIONS.

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I can define demand as an economic term

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  1. I can define demand as an economic term • I can explain how demand is represented as a demand schedule and demand curve

  2. vbay AUCTIONS

  3. vbay AUCTIONS Terms and Conditions • 5 lots will be offered. • You must bid at least $1 • You MUST bid on at least 3 lots

  4. vbay AUCTIONS Terms and Conditions • You can only bid what you have • examples: $5 = 5 $1 bids $17 = max bid of $15 (3 bids at least) • White chips= $1 • Red chips= $5 • Blue chips=$10

  5. vbay AUCTIONS Terms and Conditions • If you win, we’ll make change for you. • The number on the envelope is your bid number. • We will bid together…we’ll explain this • Any questions? • LET’S START THE AUCTION!

  6. Lot 1: Blue ink pen vbay AUCTIONS Brand new condition Cap included Hours of notes Can be used for doodling too

  7. Lot 2: 3 Black ink pens vbay AUCTIONS Three pens total Brand new condition Caps included Hours of notes Can be used for doodling too

  8. Lot 3: Bound notebook vbay AUCTIONS Bright, shiny cover Brand new condition Hours of notes Can be used for doodling too

  9. Lot 4: Box of blue ink pens vbay AUCTIONS 1 box of 15 pens Give as gifts! Store in your locker for later! Brand new condition Caps included Hours of notes Can be used for doodling too

  10. Lot 5: Box of black ink pens vbay AUCTIONS 1 box of 15 pens Give as gifts! Store in your locker for later! Brand new condition Caps included Hours of notes Can be used for doodling too

  11. vbay AUCTIONS • Clean Up • Collect your chips back into your envelope • Don’t tuck in the flap • Carefully return it to the tray

  12. vbay AUCTIONS • Lesson? We see that the interest for the goods shows a general trend, we see more interest in buying things at lower prices. But wait! Not everyone could spend the same amount, some could bid higher.

  13. vbay AUCTIONS • Lesson? We saw that not only were people more often interested in buying goods at lower prices, but also have different abilities to pay more Also not everyone was interested in the same things

  14. vbay AUCTIONS • Lesson: This trend is called Demand Demand represents the quantity people are willing and able to buy at any given price.

  15. vbay AUCTIONS • Lesson: Demand DOES NOT measure what we want to buy, but what we are “willing and able” Everyone might want something, but are unable to purchase at higher prices(or be able but not interested)

  16. Lot 1: Blue ink pen vbay AUCTIONS We can show all the information about Demand as a Demand Schedule. ADemand Scheduleis a chart showing thequantity of some good that people are willing and able to buy at various prices.

  17. vbay AUCTIONS • But WAIT! There’s MORE! • Demand schedules are usually shown as graphs that represents this same information in an easier to see way, these graphs are called Demand Curves.

  18. vbay AUCTIONS So a Demand Curve is a graph that shows the quantity of some good that people are willing and able to buy at various prices.

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