Lesson 9 - Demand and Supply

  • Lesson 9 - Demand and Supply

    Learning Goals: By the end of this lesson you will be able to

    • Predict why prices for particular goods or services might change 
    • Read and construct your own demand and supply graphs
    • shortage and surplus
    • Equilibrium 
    • Non Price factors causing a shift in demand and supply curve

    Success Criteria

    You will be able to understand the concept of equilibrium, what is shortage and surplus and how the non-price factors affecting demand and supply causes a shift in the curve and change in the price.



    • Icebreaker FORUM

      What is an Equilibrium price?

    • Lesson Glossary

      Perfect (or pure) competition
       A rare market structure characterized by many sellers (selling exactly the same product) and many buyers, no barriers to entry into the market for new firms, and perfect knowledge of prices (so there are no price differences and no individual can influence them). 

      Price elasticity of demand (PED)
       An expression of how much more or less consumers will buy of a product if its price changes. 

      Price elastic
       If the quantity of a good or service bought changes a lot when price rises or falls, it is said to be price elastic. 

      Price inelastic
       If the quantity of a good or service bought does not change much when price rises or falls, it is said to be price inelastic. 

      Sales revenues
       The amount of money realized from selling goods or services in the normal operations of a company in a specified period. 

    • Case Study Page 82

      Group work

    • Home work Complete question 7 page 92- Application