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Chapter 3 Concept of Demand

Chapter 3 Concept of Demand

Author: Matthew Lonn

Students will define, draw and demonstrate the concept of demand and demand curves and how demand curves can shift.

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The Law of Demand

The Law of Demand.

Use the note slides #1-24 to understand the important economic concept of demand and demand curve shifts. After taking notes, view the video segments to help clarify the concept.

Questions you should be able to answer after the lesson.

1. Define the law of demand and provide an example.

2. Draw a demand curve and schedule.

3. Identify the difference between a demand curve shift and movement along the curve.

4. Provide examples of determinants that can shift the demand either left or right.

Chapter 3 Notes

Law of Demand

Source: You Tube

Determinants of Demand

Source: You Tube