Unit 2-Supply & Demand

SS-HS-3.3.1

CH 20-1, 20-2, (S)7-1, (S)7-2, (S)7-3, 21-1, 21-2, 21,3

Supply and demand both work together to determine market prices.  Likewise, there are many factors that can determine both demand and supply.  Both supply and demand can be shown visually through schedules and graphs, at the individual and market levels.

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Vocabulary

• Demand
  
• Demand Schedule
  
• Demand Curve
  
• Law of Demand
  
• Market Demand
  
• Utility
  
• Diminishing Marginal Utility
  
• Substitute
  
• Compliment
  
• Demand Elasticity
  
• Supply
  
• Law of Supply
  
• Supply Schedule
  
• Supply Curve
  
• Profit
  
• Market Supply
  
• Productivity
  
• Technology
  
• Subsidy
  
• Supply Elasticity
  
• Surplus
  
• Shortage
  
• Equilibrium Price 
  

Assignments

CH 7-1 (Basic Demand)
File Size:	71 kb
File Type:	pdf

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CH 20-1 (Basic Demand)
File Size:	74 kb
File Type:	pdf

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CH 7-2 (Demand Causations)
File Size:	80 kb
File Type:	pdf

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CH 20-2 (Demand Causations)
File Size:	81 kb
File Type:	pdf

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CH 21-1 (Basic Supply)
File Size:	74 kb
File Type:	pdf

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CH 21-1 Supply (Notes)
File Size:	147 kb
File Type:	pdf

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CH 7-3 (Supply and Causations)
File Size:	71 kb
File Type:	pdf

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Big Ideas

• Describe the law of demand.
  
• Illustrate the movement of demand on a graph.
• Describe the factors that shift demand.
  
• Explain the determinants of elasticity.
• Explain the law of supply.
• Describe the differences between a supply schedule and supply curve.
• Examine the factors that cause changes in supply.
• Describe supply elasticity.
• Explain how demand and supply work together to determine market prices.
• Describe how shortages and surpluses affect market prices.