Session Date
Lesson Topic
Economics - Matthew Rafeedie
Topic: Supply and Demand: Foundations of Market Economics in Various Countries
Topic: Supply and Demand: Foundations of Market Economics in Various Countries
Lesson Outline
Understanding Demand*
1. **Definition of Demand**: Introduction to the concept of demand as the quantity of a good or service consumers are willing and able to purchase at various prices.
2. **Law of Demand**: Explanation of the inverse relationship between price and quantity demanded (as price increases, demand decreases, and vice versa).
3. **Determinants of Demand**:
- Income levels
- Consumer preferences
- Prices of related goods (substitutes and complements)
- Expectations about future prices
- Number of buyers in the market
4. **Demand Curve**:
- How to graph a demand curve.
- Movement along the curve (caused by price changes) vs. shifts in the curve (caused by changes in determinants).
1. **Definition of Supply**: Introduction to supply as the quantity of a good or service producers are willing and able to offer at various prices.
2. **Law of Supply**: Explanation of the direct relationship between price and quantity supplied (as price increases, supply increases, and vice versa).
3. **Determinants of Supply**:
- Production costs
- Technology advancements
- Prices of related goods in production
- Expectations about future prices
- Number of sellers in the market etc
4. **Supply Curve**:
- How to graph a supply curve.
- Movement along the curve (caused by price changes) vs. shifts in the curve (caused by changes in determinants).
1. **Definition of Demand**: Introduction to the concept of demand as the quantity of a good or service consumers are willing and able to purchase at various prices.
2. **Law of Demand**: Explanation of the inverse relationship between price and quantity demanded (as price increases, demand decreases, and vice versa).
3. **Determinants of Demand**:
- Income levels
- Consumer preferences
- Prices of related goods (substitutes and complements)
- Expectations about future prices
- Number of buyers in the market
4. **Demand Curve**:
- How to graph a demand curve.
- Movement along the curve (caused by price changes) vs. shifts in the curve (caused by changes in determinants).
1. **Definition of Supply**: Introduction to supply as the quantity of a good or service producers are willing and able to offer at various prices.
2. **Law of Supply**: Explanation of the direct relationship between price and quantity supplied (as price increases, supply increases, and vice versa).
3. **Determinants of Supply**:
- Production costs
- Technology advancements
- Prices of related goods in production
- Expectations about future prices
- Number of sellers in the market etc
4. **Supply Curve**:
- How to graph a supply curve.
- Movement along the curve (caused by price changes) vs. shifts in the curve (caused by changes in determinants).
Assignment
Homework Assignment for Both Sessions**:
1. Research a product or service and describe how its demand or supply has changed recently due to external factors (e.g., economic trends, technology, or global events).
2. As Ben explores college, how will he evaluate whether a college is good demand fit for him?
3. Ben, what was your most fun thing you did over the break?
1. Research a product or service and describe how its demand or supply has changed recently due to external factors (e.g., economic trends, technology, or global events).
2. As Ben explores college, how will he evaluate whether a college is good demand fit for him?
3. Ben, what was your most fun thing you did over the break?
Session Minutes
90
Minutes Student Attended
90
Session Hours
1.50
Hours Attended
1.50
Entry Status
Review Status
Student Name(s)
Subject
School