Economics - Matthew Rafeedie
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).
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?
Ben and I discussed something that is falling out of style as of late. Cap and trade is no longer used as a form of reducing energy emissions. What is the concept behind Cap and trade and what was its goal?
Ben and I discussed the issues of climate change and economic development. We also discussed how overproduction of energy can cause crashes and high energy prices and how those could also be negative for the economy.
Ben and I discussed the power of Thermo nuclear energy and the power of micro power centers. We also discussed how the economy could benefit from cheaper energy.
We discussed the book freakonomics and discussed climate change and the politics of a greening world. We specifically discussed new farm land in the farther north of world and how that can impact economies.
We discussed the book freakonomics and discussed climate change and the politics of a greening world. We specifically discussed new farm land in the farther north of world and how that can impact economies.
Assignment
I assigned a home work assignment based of this topic
Ben and I discussed economics and the relationship with crime. I used Freakonomics as a reference point to discuss how crime either promotes or disassociates from the economy.
Ben and I discussed the complexities of manufacturing technology across the world. We also discussed supply chain vulnerabilities for countries that are at war with one another.
