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DO NOW

DO NOW. List five items you would like to buy if you had enough money to buy them. List five items you would like to sell if you could find a buyer for these items. Supply and Demand. Consumer a person who buys and uses goods and services. Supply and Demand.

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DO NOW

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  1. DO NOW • List five items you would like to buy if you had enough money to buy them. List five items you would like to sell if you could find a buyer for these items.

  2. Supply and Demand Consumer a person who buys and uses goods and services

  3. Supply and Demand Producer is an individual or organization that determine what products and services will be available.

  4. Supply and Demand Price is the amount of money given or asked for when goods and services are bought or sold.

  5. Supply and Demand Demand is the amount or quantity of goods and services that consumers are willing to buy at various prices.

  6. Supply and Demand The higher the price, the fewer consumers will buy an item. The lower the price, the more consumers will buy an item.

  7. Supply and Demand Supply is the amount of goods and services that producers will provide at various prices.

  8. Supply and Demand Demand and supply work together. When the quantity demanded and the quantity supplied meet, the price is called the equilibrium priceor market price

  9. Let’s visualize Supply and Demand Remember these two points: (1) The demand curve always falls left to right on a graph, and (2) the supply curve always rises from left to right on the graph. VISUALIZING DEMAND AND SUPPLY How many CDs will be demanded at $16 a piece? How many CDs will be supplied at $18 a piece?

  10. Let’s Graph the demand Let's assume that at 40 cents a bottle students demand 100 bottles of soda (pop). At $1.00 a bottle, students, demand 75 bottles. At $2.00 a bottle, students demand 30 bottles. At $5.00 a bottle, students demand 2 bottles. Place this data on the graph

  11. Let’s Graph the Supply Let's assume that at 40 cents a bottle, suppliers would provide no soda. At $1.00 a bottle, supplies would provide 75 bottles. At $2.00 a bottle, suppliers would provide 250 bottles. At $5.00 a bottle, suppliers would provide 500 bottles. Place this data on the graph.

  12. Supply and demand Activity - soda

  13. Supply and demand Group activity – Coffee beans

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