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Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Lesson Design DetailsP&DPlanning and
Data
Date
Period
Group
Current levels
Target levels
Pitch
Differentiation
Students Identified on Matrix
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Key Concepts and Prerequisite SkillsP&DPlanning and
Data
Key Concepts• Demand , factors affecting demand
Prerequisite Skills• • Market, price mechanism
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
• Class : Y10
• Lesson Topic: The Market System
• Scheme of Work: Demand curve and Factors
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Lesson Objectives P&DPlanning and
Data
ALL (KNOWLEDGE) Describe the demand curveDefine demand / effective demand MOST (ANALYSIS) • Analyse the factors of demand for different products
SOME (EVALUATION )
• Evaluate the significance of the factors of demand Higher
thinking Skills
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Planning ToolsP&DPlanning and
Data
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Planning ToolsP&DPlanning and
Data
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Define the term demand [Level 3]
Describe the factors that affect demand [Level 4]
Compare and contrast a movement along the curve and a shift of the curve [Level 5/6]
What you’re aiming for. . .
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good Keyword Pronunciation Definition
Demand
Effective demand
Inverse relationship
Normal goods
Inferior goods
CONNECTIVES
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
CONNECTIVES
COMPARINGEqually…As with…Like…In the same way…Similarly…Even so…Likewise…CAUSE & EFFECT
Consequently… Due to…As a result… Therefore..Because of… Because…
SEQUENCINGFirstly… After…Secondly… Before…Thirdly… Next…Finally… Lastly…In conclusion… Then…To conclude… Previously…Meanwhile… Subsequently…
CONTRASTINGAlthough… Except…Moreover… If…However… Yet…Apart from… Unless…Despite… As long as…
EMPHASISINGMost importantly…Significantly…Notably…Especially…Above all…In particular…Indeed…
QUALIFYINGDespite… Yet…As long as… Unless…Apart from… If…Moreover… Except…However… Although…
ADDINGIn addition… And…Too… Also…Additionally… As well as…Furthermore…
ILLUSTRATINGFor instance… Such as…In the case of… So…For example…As revealed by…As illustrated by…
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Climb the LadderLevel 6
1. Evaluate the most significant factor affecting the demand curve2. Compare and contrast factors of demand affecting food and
clothing
Level 5
1. Explain two factors that shift the demand curve 2. Explain the difference between a movement of the curve and a
shift along the curve.
Level 4
1. Describe a demand curve2. Why does the curve slope downwards left to right
ATDApply to
demonstrate
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Recap Functions of Price
• The Price Mechanism– Prices provide the main method through which scarce
resources are allocated between competing uses.
• The Signalling Function– Prices signal what is available, conveying information to
producers and consumers alike
Let’s start bidding…
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Sweets Auction • Auction for sweets• Hands up if your willing and able to buy• Last man standing wins the sweet
• Require assistant to record info on the Board
• Results to use overleaf…
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Demand Schedule
Price Quantity 2 204 186 1510 1015 620 325 1
Demand Schedule Illustrates demand in relation to price
Effective demand Only those able and willing to
buy could purchase
TASK: Demand Curve – Illustrate these results with Price on Y axis and Quantity on X axis.
Why is it inversely related?
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Demand Intro • Demand: –The quantity of a product consumers are willing and
able to buy at different prices in a specified time period–Normally there is an inverse relationship between the
price of good X and the quantity demanded of good X
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
The Law of Demand • For normal goods, more is demanded as
price falls
• Firstly at lower prices, consumers can afford to purchase more with their income
• A CHANGE IN PRICE IS SHOWN BY A MOVEMENT ALONG THE CURVE…
• A CHANGE IN FACTOR OF DEMAND IS SHOWN BY SHIFTING THE CURVE ..
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Questions p.6
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Shifts in Demand curve
• A CHANGE IN FACTOR OF DEMAND IS SHOWN BY SHIFTING THE CURVE ..
• These are factors other than Price.
Quantity Demanded
D1
P1
Q1 Q2Q3
D2D3
Increase in Demand
Decrease in Demand
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Factors that affect Demand
–Consumer tastes and preferences –Income available to the consumer–Prices of other goods and services• Substitute goods•Complementary goods
–Interest rates–Consumer population
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Factors influencing demand for tea
• Consumer Incomes• Price of other products
– Complements / substitutes
• Tastes and fashion
These factors will SHIFT the curve.
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Shift outwards of demand curve • With cold weather
more people drink tea.
• At Price 10 demand for tea has increased by ___________ .
Price 10
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Questions p.11
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Substitutes and Complements• Substitutes are goods in competitive demand – They are replacements for another product– For example, a rise in the price of tea should
see an increase in the demand for coffee. • Complements are said to be in joint demand– Examples include: fish and chips, DVD players
and DVDs.–A rise in the price of a biscuits should see a
decrease in the demand for tea.
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Normal and Inferior Goods• For normal products, more is demanded as income
rises, and less as income falls
• Identify some examples? _________
• The opposite is inferior products
• They are often cheaper poorer quality substitutes for some other good. Examples include black-and-white television sets and ________
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Keyword Pronunciation Definition
Demand
Effective demand
Inverse relationship
Normal goods
Inferior goods
CONNECTIVES
Do you know these words…
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Lesson Objectives P&DPlanning and
Data
ALL (KNOWLEDGE) Describe the demand curveDefine demand / effective demand MOST (ANALYSIS) • Analyse the factors of demand for different products
SOME (EVALUATION )
• Evaluate the significance of the factors of demand Higher
thinking Skills
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
CONNECTIVES
COMPARINGEqually…As with…Like…In the same way…Similarly…Even so…Likewise…CAUSE & EFFECT
Consequently… Due to…As a result… Therefore..Because of… Because…
SEQUENCINGFirstly… After…Secondly… Before…Thirdly… Next…Finally… Lastly…In conclusion… Then…To conclude… Previously…Meanwhile… Subsequently…
CONTRASTINGAlthough… Except…Moreover… If…However… Yet…Apart from… Unless…Despite… As long as…
EMPHASISINGMost importantly…Significantly…Notably…Especially…Above all…In particular…Indeed…
QUALIFYINGDespite… Yet…As long as… Unless…Apart from… If…Moreover… Except…However… Although…
ADDINGIn addition… And…Too… Also…Additionally… As well as…Furthermore…
ILLUSTRATINGFor instance… Such as…In the case of… So…For example…As revealed by…As illustrated by…
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Define the term demand [Level 3]
Describe the factors that affect demand [Level 4]
Compare and contrast a movement along the curve and a shift of the curve [Level 5/6]
What you’re aiming for. . .
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Climb the LadderLevel 6
1. Evaluate the most significant factor affecting the demand curve2. Compare and contrast factors of demand affecting food and
clothing
Level 5
1. Explain two factors that shift the demand curve 2. Explain the difference between a movement of the curve and a
shift along the curve.
Level 4
1. Describe a demand curve2. Why does the curve slope downwards left to right
ATDApply to
demonstrate
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
The Blob Tree
What position on the Blob Tree best
represents your learning today?
Why do you think this?
RReview the
Learning
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Pass the ParcelAdd as much information you can remember from today’s lesson
When the horn blows – pass your sheet to the next table!
RReview the
Learning
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Neighbours
2 things your neighbour has learnt today
1 question your neighbour wants
to ask
RReview the
Learning
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
Summarise your learning today into a single tweet
140 characters
Keep all of the information
Tweet Tweet
STOP
RReview the
Learning
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
1 questionyou need to ask
2 new things you learnt
3 pieces of information
RReview the
Learning
Economics Section: Market System Further Reading Chps 2 – 3
Keywords – Demand curve ; demand ; effective demand ; demand factors ; normal good ; inferior good
5 minutes. . . GO
STOP