Supply and Demand: The Economic Tango

    Key Content
    law of demand
    law of supply
    non- price determinants
    change in demand v change in quantity demanded
    change in supply v change in quantity supplied
    equilibrium price and equilibrium quantity
    demand curve
    supply curve
    shifts (non price factors) in the supply and demand curve
    substitutes and complements
    normal and inferior goods
    tastes and preferences
    future price expectations
    market size
    taxes and subsidies (negative taxes)
    price floors and price ceilings
    Essential Questions
     In a free market economy can anyone be forced to buy a good or service?
     Why is a change in quantity supplied and demanded different from change in supply and demand?
    Based off of what other reasons besides price do consumers and producers make economic decisions?
    You must be able to draw the impact shifts of supply and/or demand have on EP  and EQ.   
    Helpful Websites
    https://www.youtube.com/watch?v=0FyG_URe3sA Demand for Super Bowl Tickets
    https://www.youtube.com/watch?v=xYo8oIWXua4&t=1s - Reffonomics.com Determinants of Demand
    https://www.youtube.com/watch?v=V0tIOqU7m-c- Jacob Clifford- Shifting Supply and Demand Curves
Last Modified on February 7, 2020