Thursday, 31 May 2012
Saturday, 26 May 2012
Games and animations
This section contains links portraying games and animations to help you learn more on Demand and Supply.
Games
http://americanheritage.byu.edu/Pages/GamesandActivities/Supply-and-Demand-Interactive-Chart.aspx
Supply Animation
http://www.youtube.com/watch?v=c9IwnbV0iow&feature=related
http://www.youtube.com/watchv=HEhKoIUlbYM&feature=related
PODCAST
This resource will help teachers adequately prepare for lessons. They are either audio or visual. Click on the link below to gain access to podcast on demand , supply and market equilibrium. Episode 6, 7 and 8
http://www.stlouisfed.org/education_resources/podcasts
http://www.stlouisfed.org/education_resources/podcasts
Shift of and movement along the demand curve
This lesson is aimed distinguishing between a change in
demand and a change in quantity demanded.
Objective : Distinguish difference between a shift
and a change in quantity demanded
Grade : 10 -11
Activities
·
Students
will be given the copy of the demand curve
below and will be asked the following review questions.
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- What does the demand
curve look like?[The demand curve is
downward sloping.]
- Why is the curve
downward sloping? [The curve is downward sloping because
as the price does down the quantity demanded goes up and as price goes up
the quantity demanded goes down.]
- What is the one
factor that resulted in consumer tastes for Bubble Soda to change?
[The one factor that resulted in consumer tastes for Bubble Soda to change is price.]
- Why are consumers
willing and able to buy more of a product at a lower price?
[With a given amount of income, a lower price means consumers can afford to buy more of a product. Also, when the price of a product falls, consumers will substitute this less expensive product for more expensive similar products that are similar.]
·
Students will be asked the questions:
1. What
happens to demand as we move from point A to B on the demand curve?
2. What
happens to price as we move from point A to point B on the demand curve?
Teacher will draw students
to the realisation that the movement along the demand curve from A to B is
caused by a change price and is referred to as a change in quantity demanded.
·
Students will be given a graph containing
two demand curves for bubble soda.
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·
Students will be asked the following
questions:
1.
What happens to price as we move from point
C to point D?
[Price remains the same at $2]
2.
What happens to quantity demanded as we move
from point C to point D?
[Quantity demanded increases from Q1
to Q2]
3. What
is the difference between D1 and D2?
[The
demand curve has shifted to the right. This represents an increase in demand at all given prices]
Teacher will inform students that a shift in the demand curve
from D2 to D1 represents a decrease in demand at any of
the given prices. The shift in the demand curves is not caused by a change in
price but by a change in a non-price determinant of demand. A move from point C
to point D indicates that more will be demanded at the same price. Students
will be given a handout with Non-price determinants of demand.
Non
price determinants include:
o
Change in the number of consumers in the market for a product
[If the number of consumers in the market for a product increases, the demand for the product will increase. If a new high school is built in the same block as a fast food restaurant, the demand for the fast-food restaurant's products will increase. When the school closes for summer vacation, the demand for the fast-food restaurant's products will decrease.]
[If the number of consumers in the market for a product increases, the demand for the product will increase. If a new high school is built in the same block as a fast food restaurant, the demand for the fast-food restaurant's products will increase. When the school closes for summer vacation, the demand for the fast-food restaurant's products will decrease.]
o
Change in consumer tastes and preferences for a product
[If consumer tastes and preferences for a product change, the demand for the product will change. If fashion magazines are showing short skirts, the demand for short skirts will increase. If fashion magazines show few pictures of short skirts, the demand for these skirts will decrease.]
[If consumer tastes and preferences for a product change, the demand for the product will change. If fashion magazines are showing short skirts, the demand for short skirts will increase. If fashion magazines show few pictures of short skirts, the demand for these skirts will decrease.]
o
Change in consumer income
[If consumer income increases, demand for most goods and services will increase. The reverse is also true. If consumer income decreases, demand for most goods and services will decrease. For example, if workers at a manufacturing facility sign a new contract that provides a 5% raise, these workers will have more income and their demand for goods and services will increase. If Social Security taxes increase for employees, consumers will have less take-home pay, and as a result, their demand for goods and services will decrease.]
[If consumer income increases, demand for most goods and services will increase. The reverse is also true. If consumer income decreases, demand for most goods and services will decrease. For example, if workers at a manufacturing facility sign a new contract that provides a 5% raise, these workers will have more income and their demand for goods and services will increase. If Social Security taxes increase for employees, consumers will have less take-home pay, and as a result, their demand for goods and services will decrease.]
o
Change in the price of related goods—complements
[A change in the price of one good can change the demand for another good. One type of related goods is complements-goods that are purchased together. A decrease in the price of strawberries will cause an increase in the demand for whipped cream. An increase in the price of hamburger will cause a decrease in the demand for hamburger buns.]
[A change in the price of one good can change the demand for another good. One type of related goods is complements-goods that are purchased together. A decrease in the price of strawberries will cause an increase in the demand for whipped cream. An increase in the price of hamburger will cause a decrease in the demand for hamburger buns.]
o
Change in the price of related goods—substitutes
[A change in the price of one good can change the demand for another good. One type of related goods is substitutes-goods that are bought in place of other goods. If the price of movie tickets increases, the demand for video rentals may increase. If the price of Hamburger Heaven's hamburgers decreases, the demand for Big Burger's hamburgers may decrease.]
[A change in the price of one good can change the demand for another good. One type of related goods is substitutes-goods that are bought in place of other goods. If the price of movie tickets increases, the demand for video rentals may increase. If the price of Hamburger Heaven's hamburgers decreases, the demand for Big Burger's hamburgers may decrease.]
·
Teacher will review the handout with students. Based on the
second graph students should be able to infer that a shift or movement of the
demand curve to the left or right is referred to as a change in demand and is
caused by a change in one of the non-price determinants of demand.
·
CONCLUSION
Remind students
that in this lesson they reviewed the law of demand; they learned how price changes affect the amount of a good or
service consumers are willing and able to buy.
They also learned about the non-price determinants of demand and how non-price determinants result in a change in demand. Review that a change in demand means that the amount consumers are willing and able to buy changes at each and every price.
They also learned about the non-price determinants of demand and how non-price determinants result in a change in demand. Review that a change in demand means that the amount consumers are willing and able to buy changes at each and every price.
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