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Law of Demand Lesson

Law of Demand Lesson

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Published by Nicholas John Olson

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Published by: Nicholas John Olson on Dec 20, 2011
Copyright:Attribution Non-commercial


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Lesson Plan Format
Your Name: Nick Olson Length of lesson: 52 minutesTitle of lesson: Law of Demand 
Guiding Question:
How can we analyze current events to predict what will happen in themarket?D
: The students have a strong understanding of supply, and it is time to learnabout demand before we go over equilibrium; therefore we are going to go over howdemand is negatively related, and what a demand curve, and demand schedule look likeincluding the importance of a demand market opposed to individual demand schedules
: Students will be able to draw a demand curve, and create a demand schedule;students will be able to create a demand schedule and curve based for a product of theirchoice.
 Anticipated student conceptions or challenges to understanding 
: The confusion of supplyand demand being similar. Since they are taught separately it may difficult for them todistinguish between the two.
: Worksheet, reading, and their notebooks
: Each group will write their demand curve on the board to see if theyunderstand what it is supposed to look like.
 Instructional Sequence
Will start off with the journal question of “Draw what you think
a demand curvewill look like?2.
Will walk around and look for a good example in their notes and ask one of themto draw it on the board3.
Then pass out the basics of demand hand out/reading; we will then popcornread the first page only4.
Then will go over the demand schedule more on a powerpoint and write the onein the reading on the board, and then show how it works with and coincides tothe demand curve that will be drawn next to it
Then will draw an empty demand schedule and empty graph telling them thatthey are going to get in groups of 4 and create market demand curves. First the
product will be “
itunes songs
” and they will create their own demand schedule.Then they will get in a group of 4 and they will create “their” market demand for
the product. Then I will have them write the demand schedules on the boardand then I will add them together on the board and we will create a demand
schedule for the class “market”
After they write this they will be given a handout/worksheet to finish in class orto do for homework.
Students will start with a journal question of what do you think a demand curve will look like?, then we will assessand one of the students will draw their graph on the board. Then will pass out the reading on demand. Will popcornread the demand reading. The students will then take notes on what demand is specifically. In groups they willcreate a market demand curve. I will put them in groups of 4 and ask each of them to create a demand schedule, andcurve for a product . Then tell them that they just created their own market demand curve. Then go over howquantity demanded and shift in demand is different. They will then get a handout to do finish and do for homework.Reading in class
What Demand Is:
Economists have a very precise definition of demand. For them demand is the relationshipbetween the quantity of a good or service consumers will purchase and the price charged forthat good. More precisely and formally the Economics Glossary defines demand as "the want ordesire to possess a good or service with the necessary goods, services, or financial instrumentsnecessary to make a legal transaction for those goods or services."
What Demand Is Not:
Demand is not simply a quantity consumers wish to purchase such as '5 oranges' or '17 sharesof Microsoft', because demand represents the entire relationship between quantity desired of agood and all possible prices charged for that good. The specific quantity desired for a good at agiven price is known as the quantity demanded. Typically a time period is also given whendescribing quantity demanded.
Demand - Examples of Quantity Demanded:
When the price of an orange is 65 cents the quantity demanded is 300oranges a week.
If the local Starbucks lowers their price of a tall coffee from $1.75 to $1.65,the quantitydemanded will rise from 45 coffees an hour to 48 coffees an hour.
Demand Schedules:
A demand schedule is a table which lists the possible prices for a good and service and theassociated quantity demanded. The demand schedule for oranges could look (in part) asfollows:
$ .75 270 oranges/week$ .70 300 oranges/week$ .65 320 oranges/week$ .60 400 oranges/week
Demand Curves:
A demand curve is simply a demand schedule presented in graphical form. The standardpresentation of a demand curve has price given on the Y-axis and quantity demanded on the X-axis.
The Law of Demand:
The law of demand states that, ceteribus paribus (latin for 'assuming all else is held constant'),the quantity demanded for a good rises as the price falls. In other words, the quantity demandedand price are inversely related. Demand curves are drawn as 'downard sloping' due to thisinverse relationship between price and quantity demanded.
$ .75$ .70$ .65$ .60
200 300 400 500

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