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Law of Demand

Law of Demand. Today ’ s Targets. Knowledge 1 Describe the relationship between price and quantity demanded. Reasoning 2 Determine why demand curves might shift. Skill 2 Draw shifts in the demand curve. Go to the Activity. Demand Survey. Prepare Ranges. Poll Consumers.

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Law of Demand

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  1. Law of Demand

  2. Today’s Targets Knowledge 1 Describe the relationship between price and quantity demanded. Reasoning 2 Determine why demand curves might shift. Skill 2 Draw shifts in the demand curve. Go to the Activity

  3. Demand Survey Prepare Ranges Poll Consumers Fill In This Column Fill In This Column Graph the Data

  4. Demand Survey $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 Prepare Ranges Poll Consumers Fill In This Column Fill In This Column Graph the Data

  5. Demand Survey $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 I I I I I I I I I I Prepare Ranges Poll Consumers Fill In This Column Fill In This Column Graph the Data

  6. Demand Survey $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 I I I I I I I I I I 1 3 2 1 2 1 Prepare Ranges Poll Consumers Fill In This Column Fill In This Column Graph the Data

  7. Demand Survey $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 I I I I I I I I I I 1 3 2 1 2 1 1 4 6 7 9 10 Prepare Ranges Poll Consumers Fill In This Column Fill In This Column Graph the Data

  8. Demand Survey $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 1 4 6 7 9 10 Graph the Data

  9. Demand Survey $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 1 4 6 7 9 10

  10. Definition Higher prices will cause fewer people to buy an item $119.95 Lower prices will be appealing to people so more will be sold $89.95 See Textbook Definition

  11. Definition Higher prices will cause fewer people to buy an item $119.95 Lower prices will be appealing to people so more will be sold $89.95 Textbook Definition If all things are equal, consumers will buy more of a good when its price decreases and less when its price increases.

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