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Supply and Demand (3.1.2) Table of Contents Begin Copyright © 2013 N.S. End Show Table of Contents Access Prior Knowledge Set Goals New Information Activity Conclusion What Do You Know About…? “The Market” Learning Targets Two Types Of Goods Market Graph Puzzle “The Market” Learning Targets Related Goods Economic Time Frames Identifying Markets A Market Graph Creating a Graph Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show What Do You Know About…? Write down words that come to mind when you think of each of the following. There are no right or wrong answers! Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show What Do You Know About…? Write down words that come to mind when you think of each of the following. There are no right or wrong answers! 1) Market 2) Supply 3) Demand Need help thinking of ideas? Equilibrium / Equal 4) Shortage Surplus 5) Elastic Inelastic Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show What Do You Know About…? Write down words that come to mind when you think of each of the following. There are no right or wrong answers! 1) Market 2) Supply 3) Demand 1) WHAT does this mean? 2) HOW does this happen? 3) WHY does this happen? Equilibrium / Equal 4) Shortage Surplus 5) Elastic Inelastic Title Page Table of Contents Back Ask yourself these questions: Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show “The Market” Learning Targets Knowledge Understand the definitions for the different types of goods and services. Skill Translate price and quantity data into supply and demand graphs. Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Two Types of Goods Goods (and services) fall into one of two categories. 1) Normal Goods Title Page Table of Contents 2) Inferior Goods Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Two Types of Goods Goods (and services) fall into one of two categories. 1) Normal Goods 2) Inferior Goods Definition Items that people tend to buy more of when their incomes increase. This is true of most goods and services. See Examples Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Two Types of Goods Goods (and services) fall into one of two categories. 1) Normal Goods 2) Inferior Goods Definition Items that people tend to buy more of when their incomes increase. This is true of most goods and services. Examples What A) New Cars B) Coca-Cola or Pepsi examples can you C) Televisions think of? D) Clothes Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Two Types of Goods Goods (and services) fall into one of two categories. 1) Normal Goods 2) Inferior Goods Definition Items that people purchase more of when their incomes decrease. These items tend to be low-cost options for saving money. See Examples Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Two Types of Goods Goods (and services) fall into one of two categories. 1) Normal Goods 2) Inferior Goods Definition Items that people purchase more of when their incomes decrease. These items tend to be low-cost options for saving money. What examples can you think of? Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Examples A) Ramen Noodles B) Frozen Dinners C) Bus Transportation D) Used Clothes Resources End Show Related Goods Sometimes goods (or services) are related to each other in one of two special ways. 1) Substitute 2) Complementary Goods Title Page Table of Contents Goods Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Related Goods Sometimes goods (or services) are related to each other in one of two special ways. 1) Substitute 2) Complementary Goods Goods Definition Items that may replace each other when used or consumed. See Examples Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Related Goods Sometimes goods (or services) are related to each other in one of two special ways. 1) Substitute 2) Complementary Goods Goods Definition Items that may replace each other when used or consumed. Examples A) Butter . . . . . . . . . . Margarine B) McDonald’s . . . . . Burger King What examples can you think of? Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Related Goods Sometimes goods (or services) are related to each other in one of two special ways. 1) Substitute 2) Complementary Goods Goods Definition Items that are almost always consumed or used together. See Examples Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Related Goods Sometimes goods (or services) are related to each other in one of two special ways. 1) Substitute 2) Complementary Goods Goods Definition Items that are almost always consumed or used together. Examples A) Hot Dogs . . . . . Hot Dog Buns B) Toothbrush . . . . Toothpaste What examples can you think of? Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Economic Time Frames There are two ambiguous time frames that economists use to analyze a market. 1) Short Run Title Page Table of Contents 2) Long Run Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Economic Time Frames There are two ambiguous time frames that economists use to analyze a market. 1) Short Run 2) Long Run Definition An undefined period of time that is NOT long enough to allow consumers or producers enough time to adjust to all changes in an economic situation. See Example Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Economic Time Frames There are two ambiguous time frames that economists use to analyze a market. 1) Short Run 2) Long Run Definition An undefined period of time that is NOT long enough to allow consumers or producers enough time to adjust to all changes in an economic situation. Example Suppose Coca-Cola Vanilla becomes extremely popular. Coca-Cola cannot increase its output immediately to accommodate demand because it takes time to adjust to the new demand. Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Economic Time Frames There are two ambiguous time frames that economists use to analyze a market. 1) Short Run 2) Long Run Definition An undefined period of time that is long enough for people to adjust to all changes in an economic situation. See Example Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Economic Time Frames There are two ambiguous time frames that economists use to analyze a market. 1) Short Run 2) Long Run Definition An undefined period of time that is long enough for people to adjust to all changes in an economic situation. Example On the other hand, Coca-Cola Vanilla can increase its production in the long run by opening new factories and by locating additional raw materials. Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Identifying Markets When analyzing a market, it is always important to know which market you are talking about! Example 1 Example 2 Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Identifying Markets When analyzing a market, it is always important to know which market you are talking about! Example 1 Which market is this? ? Example 2 Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Identifying Markets When analyzing a market, it is always important to know which market you are talking about! Example 1 Which market is this? Oranges? Orange Juice? Navel Oranges? Example 2 Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Identifying Markets When analyzing a market, it is always important to know which market you are talking about! Example 1 Example 2 Which market is this? Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward ? Resources End Show Identifying Markets When analyzing a market, it is always important to know which market you are talking about! Example 1 Example 2 Which market is this? Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Shoes? Women’s Shoes? High Heels? Resources End Show A Market Graph Each graph you draw will contain each of the following items. Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show A Market Graph Each graph you draw will contain each of the following items. 1) Title of the market Title Page Table of Contents Back Market for High Heels Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show A Market Graph Each graph you draw will contain each of the following items. 1) Title of the market Market for High Heels $60 $50 Price 2) Price range on the vertical axis (yaxis) $70 $40 $30 $20 $10 $0 Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show A Market Graph Each graph you draw will contain each of the following items. 1) Title of the market Title Page Table of Contents on (y- the (x- $60 $50 Price 2) Price range the vertical axis axis) 3) Quantity on horizontal axis axis) $40 $30 $20 $10 $0 Back Market for High Heels $70 0 Last Slide Viewed Copyright © 2012 N.S. 25 50 Forward 75 100 125 150 175 Quantity Resources End Show Creating a Graph This unit will require us to draw several market graphs. Follow these steps. Market for High Heels $70 $60 Price $50 $40 $30 $20 $10 $0 Title Page Table of Contents Back 0 Last Slide Viewed Copyright © 2012 N.S. 25 50 Forward 75 100 125 150 175 Quantity Resources End Show Creating a Graph This unit will require us to draw several market graphs. Follow these steps. Market for High Heels $70 $60 $50 Price 1) Plot data points using provided information $40 See Data $30 $20 $10 $0 Title Page Table of Contents Back 0 Last Slide Viewed Copyright © 2012 N.S. 25 50 Forward 75 100 125 150 175 Quantity Resources End Show Creating a Graph This unit will require us to draw several market graphs. Follow these steps. Price ($) Quantity $20 50 $30 75 $40 100 $50 125 Market for High Heels $70 $60 $50 Price 1) Plot data points using provided information $40 $30 $20 $10 $0 0 25 50 Plot Data Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward 75 100 125 150 175 Quantity Resources End Show Creating a Graph This unit will require us to draw several market graphs. Follow these steps. Price ($) Quantity $20 50 $30 75 $40 100 $50 125 $60 $50 $40 $30 $20 $10 $0 Title Page Table of Contents Market for High Heels $70 Price 1) Plot data points using provided information Back 0 Last Slide Viewed Copyright © 2012 N.S. 25 50 Forward 75 100 125 150 175 Quantity Resources End Show Creating a Graph This unit will require us to draw several market graphs. Follow these steps. Price ($) Quantity $20 50 $30 75 $40 100 $50 125 $60 $50 $40 $30 $20 $10 $0 2) Connect data points with a line Title Page Table of Contents Market for High Heels $70 Price 1) Plot data points using provided information Back 0 Last Slide Viewed Copyright © 2012 N.S. 25 50 Forward 75 100 125 150 175 Quantity Resources End Show Market Graph Puzzle DIRECTIONS 1) Cut this sheet in half on the dotted line. 2) Cut out the items from the bottom portion on the dotted lines. 3) Glue these items into the empty box on the top portion. Be sure to glue them in the proper locations for creating a market graph. Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show “The Market” Learning Targets Knowledge Understand the definitions for the different types of goods and services. Skill Translate price and quantity data into supply and demand graphs. Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show Resources Title Page Table of Contents Back Last Slide Viewed Copyright © 2012 N.S. Forward Resources End Show