economics section: market systemfurther reading chps 2 – 3 keywords – demand curve ; demand ;...

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



Key Concepts and Prerequisite SkillsP&DPlanning and

Data

Key Concepts• Demand , factors affecting demand

Prerequisite Skills• • Market, price mechanism



• Class : Y10

• Lesson Topic: The Market System

• Scheme of Work: Demand curve and Factors



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



Planning ToolsP&DPlanning and

Data



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. . .


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



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…



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



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…



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…



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?



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



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 ..



Questions p.6



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



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



Factors influencing demand for tea

• Consumer Incomes• Price of other products

– Complements / substitutes

• Tastes and fashion

These factors will SHIFT the curve.



Shift outwards of demand curve • With cold weather

more people drink tea.

• At Price 10 demand for tea has increased by ___________ .

Price 10



Questions p.11



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.



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 ________



Keyword Pronunciation Definition

Demand

Effective demand

Inverse relationship

Normal goods

Inferior goods

CONNECTIVES

Do you know these words…



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



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…



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. . .



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



The Blob Tree

What position on the Blob Tree best

represents your learning today?

Why do you think this?

RReview the

Learning



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



Neighbours

2 things your neighbour has learnt today

1 question your neighbour wants

to ask

RReview the

Learning



Summarise your learning today into a single tweet

140 characters

Keep all of the information

Tweet Tweet

STOP

RReview the

Learning



1 questionyou need to ask

2 new things you learnt

3 pieces of information

RReview the

Learning



5 minutes. . . GO

STOP

economics section: market systemfurther reading chps 2 – 3 keywords – demand curve ; demand ;...

Documents

term demand level

data key concepts demand

economics section

curve level

data slide

matrix slide

price mechanism slide

market system scheme