TOPICS
Demand:
- Define
- Draw
- Describe
- Determinants
OUTCOMES
define demand (note: it
has a DIFFERENT DEFINITION in economics)
If the price of pizza goes up, why
does the demand for pizza stay the same?
be able to correctly draw and
label a demand graph
why do economists employ the
ceteris paribus assumption when creating a demand
curve?
what is the law of
demand?
why is the demand curve downward
sloping (three explanations)
list the non-price determinants of
demand (Pe. Pog, I, Npot, T) and understand how they
affect the demand schedule and curve. This is VERY
IMPORTANT. BE ABLE TO DO THIS! See the 3a/3b/3c
yellow pages.
explain the difference between the
a "change in the quantity demanded" and a "change in
demand"
what is an increase in demand and
a decrease in demand and show how they affect the demand
schedule and the demand curve
what is "market
demand"?
what is that Campbell's Pork and
Beans can doing on the display for VanCamp's Pork and
Beans (see picture at left)? Which non-price determinant
of demand explains why that Campbell's soup can is
there?
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