Good Day!

DRAW A LINE SEPARATING TODAY & YESTERDAY1) Write: Date: 01/21/10, Topic: Demand2) On the next line, write “Opener #9” and then:

1) Plot your mood, reflect in 1 sent.2) Respond to the opener by writing at least 2 sentences about:Your opinions/thoughts OR/AND

Questions sparked by the clip OR/AND

Summary of the clip OR/AND

Other things going on in the news.Announcements: NoneIntro Music: Untitled

Work #20, Title “Econ Ad Shareout”

Pick 1 thing from your opener to share with your partner.

1) Each of you sign your name in your partner’s workbook under 1) to verified you’ve shared.

Agenda1) Econ Ad Shareout2) Intro to demand + supply

End Goal, you will be able to…1) What influences demand + supply

Reminder1) Find & complete your 4 news pods

Notes #9a, Title: “Demand” 1) Law of Demand: Price lower, buy more of it.

Price is higher, buy less of it (not about

wanting, about really buying)

2) Market: Area the item is likely sold (geo, dem, class based)

Mr. Chiang does not focus on graphing. Graphing is a tool to understand economics, graphing is not economics.

Demand Curve: Demand shown as a line graph, dots should how much you buy at that dot(goes down)

(sUPply curve:is a “S” and goesup)

(It usually isn’t a curve or a straight line)

Individual Demand: How many 1 person will buy at different prices

Copy the Individual Demand Table and Chart on the Board

Sample, don’t copy the sample.

Market Demand: How many the whole shopping area will buy at different prices

Copy the Individual Demand Table and Chart on the Board

Sample, don’t copy the sample.

Change in Demand Quantity: Finding different dots up + down on a line (line does not move). Nothing changed but the price (ceteris paribus)

Indicates how much you’d buy at that price.Change in Demand (Overall) : Moving a line left

or line right. The SITUATION has changed to make it + - popular at all pricing points.

Change in Demand Quantity:

Change in Overall Demand:

Change in Overall Demand:

Notes #9a, Title: “Demand” 3) Utility: Benefit gained (makes you better, but

not necessarily pleasant)

Notes #9a, Title: “Demand” 4) Marginal Utility: Benefit continuing an action

1+ more time (at some point diminished return)

Notes #9a, Title: “Demand” 5) Things that Change Demand (Whole) at Every

Price Point:a) Income Effect: Financial status makes us buy

more or less (more or less credit/loans).

5) Things that Change Demand (Whole) at Every Price Point:

a) Income Effect: Financial status makes us buy

more or less (more or less credit/loans).

b) Change in Consumer Taste: Taste make us buy more or less.

b) Change in Consumer Taste: Taste make us buy more or less.

b) Change in Consumer Taste: Taste make us buy more or less.

c) Changes in Expectations: Belief something is to happen that makes us buy more or less.

c) Changes in Expectations: Belief something is to happen that makes us buy more or less.

d) Substitutes: Pricing for alternatives can make us buy more or less.

d) Substitutes: Pricing for alternatives can make us buy more or less.

e) Compliments: Changes to things we buy together. If one changes, affects if we buy more or less.

e) Compliments: Changes to things we buy together. If one changes, affects if we buy more or less.

Pricing of Complimentary Goods are Often Coordinated

Notes #9a, Title: “Demand” 6) Marketing: Study of consumer demand7) Advertising: Persuading shoppers of the utility

of the product

Story of Us

Homework: 1) Bring items for Marketplace2) Pick and listen to your 4 news

podcast by next Monday.

Workbook Check: If your name is called, drop off your workbook with Mr. Chiang (if requested, points lost if your workbook is not turned in)