The Importance of Supply and Demand Lesson 1 Demand (After reading pages 38-46) 1.

. Identify the three conditions that must be met for Demand to exist. a. b. c.

2. Define the following: a. Demand b. Law of Demand

3. Identify When a small change in price causes a big change in the amount people that are willing to buy a product this is called ___________________________________________. 4. Identify Okay, how about a store that lowers its price but the result is just a few more customers in other words, no real change - this is called ______________________________________________. 5. Discuss the

ways in which the level of demand for a product could change. (use bullet points)

6. ______________________________ plays a big role in changing the level of demand.