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. |
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