Introducing Demand
EXCEL spreadhseet to explore / predict how a demand ‘curve’ might work.
MJMFoodie video introducing demand:
Slideshow to prompt discussion / thought around the different variables that might move the demand curve. [IB students should know how this relates to the concept of ceteris paribus (look it up) and that changes in these variables are breaking the ceteris paribus assumption. IGCSE students need not worry too much about this.]
Link to original MS Powerpoint here.
If you need to review this, see the video on determinants of demand by jodiecongirl
These changes cause the entire demand curve to shift either to the left or the right.
MJMFoodie video on change in demand versus change in quantity demanded
Check the difference between “movements along" and “shifts of” the demand curve by exploring these interactive examples:
Changes to the Demand Curve at www.joehoy.com
You need to be really clear that demand is different from quantity demanded. This interactive tutorial by www.reffonomics.com should emphasise this even more:
The Difference Between Quantity Demanded and Demand
Also, jodiecongirl gives an excellent summary on changes in demand and shifts of the demand curve:
Once you think you have understood the concepts introduced above, here are some activities to attempt on line to check and consolidate your understanding.
Economics Interactive Tutorial by Sam Baker at the University of South Carolina
Visit this animation and explore it to answer the following questions:
http://www.bized.co.uk/learn/economics/markets/mechanism/interactive/demand1.swf
The diagram shows the amount consumers would like to purchase at a price of £5 (32) What happens in the following cases?
- Price rises to 8
- Price rises to 9
- Price falls to 3
- Price falls to 1
Explain why people may react in the way you have observed.
[Activity taken from http://www.bized.co.uk/learn/economics/markets/mechanism/interactive/part1.htm]
| Print article | This entry was posted by James Penstone on September 13, 2010 at 6:19 pm, and is filed under Economics, IB Economics, IGCSE Economics. Follow any responses to this post through RSS 2.0. You can leave a response or trackback from your own site. |
No comments yet.
Describe pricing and output policies in perfect competition and monopoly
about 12 years ago - No comments
First, you need to find out answers to the following broad questions: What is perfect competition? What is a monopoly? The video below is a very good starting point. You can ignore the early bit on costs. Activity 1) Research how these two market types set their price and output. Can they control these two…
Quizzes and an IGCSE Past Paper Question to Assess Your Understanding of Demand, Supply and Market Equilibrium
about 13 years ago - No comments
Image: Some rights reserved by Valerie Everett a) Exploring Supply and Demand by Kim Sosin – useful in that you can get feedback on the impacts on the Supply and Demand graph, shown on the right hand side of your browser. b) True/False Quiz hosted on a http://www.oup.com site. c) SELF-GRADING PRACTICE QUIZ #3 via…
Demand Revisited
about 13 years ago - No comments
This post is to add further resources on the concept of demand, for those who wish to follow up on this absolutely essential concept in Economics. First, however, I recommend you use the resources on this post to learn about demand: 1) Videos What is a demand curve? by Note – I think part of…
Data Response–Champagne, Supply and Demand
about 14 years ago - No comments
Credit: I came across this useful practice data response question via a student’s blog associated with this teacher’s site: http://www.peteranthony.org/wordpress/ Image: Some rights reserved by epicxero I think this is an excellent introduction to this 3rd paper which forms part of the IB Economics final assessment. The questions are straightforward, but you will need to…
The Effects of Price Controls
about 14 years ago - No comments
This section of the IB syllabus requires you to understand the following: Maximum price: causes and consequences Minimum price: causes and consequences Price support/buffer stock schemes Before learning about these concepts, it is first worth being sure of the following concepts: Consumer Surplus Producer Surplus The rest of this post gives you links to online…
Supply and Demand Interacting – The Equilibrium Price
about 14 years ago - No comments
Understand Demand? Understand Supply? Now we need both hands to clap, and when we put them together we can understand how prices are arrived at when market forces are left to their own devices (and also when they’re not). What Adam Smith called the invisible hand … you need to know this concept like the…
Markets
about 14 years ago - No comments
What is a market? View this slideshow to prompt discussion / thought about what the phrase ‘market’ can mean in Economics: MS Powerpoint version of above: http://opengecko.com/resources/economics/markets/Markets.ppt MJMFoodie introduces the concept of markets and explains the importance of the price mechanism (but does not yet explain how that actually works … that comes later ..,):…
Equilibrium Price – How do The Laws of Supply and Demand Interact?
about 15 years ago - No comments
Good recap video: Good overview video: Activity: Recapping Factors Affecting Demand and Supply Econedlink Site Activity: Exploring changes in Supply and Demand Ecedweb Site Activity: How changes in Supply and/or Demand affect Market Equilibrium College Cram Site More sophisticated diagram analysis of teh same issue Whitenova Site Activity: Activity: Changes in Supply and Demand…
