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Download Aim: What is the law of supply and demand?
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Aim: What is the law of supply and demand? Do Now: Handout Economic Terms • DEMAND –amount of product a consumer is willing to buy at a certain price Law of Demand –Consumers will buy more of a product as price goes down –Consumer will buy less as prices go up DEMAND DEMAND PRICE PRICE Law of Demand Law of Demand $2.00 Price $ .50 100 1 Quantity Demanded Economic Terms SUPPLY ― amount of product a producer is willing to sell at a certain price Law of Supply – Suppliers will be willing to sell more of a product when price goes up – Suppliers will be willing to sell less of a product when price goes down SUPPLY SUPPLY PRICE PRICE Law of Supply Law of Supply $2.00 Price $ .50 100 1 Quantity Supplied
