4.1: Understanding Demand

Chapter 4:1: Understanding Demand

• Guiding Question (p.85): Chart
  
• What is the Law of Demand? (p.86): How do these two images reflect the law of demand in action?
• Graph Skills (p.87): #1 & 2
• Checkpoint (p.88): What happens to demand for a good when the price increases?
• Economics in Action (p.88): Has the substitution effect been a factor in any of your recent purchases?  Explain.
• Chart Skills (p.89): #1 & 2
• Checkpoint (p.89): To have demand for a good, what two conditions must be met?
• Magazine (p.89): What other goods or services might consumers have less demand for during an economic downturn?
• Graph Skills (p.90): #1 & 2
• Checkpoint (p.90): What is a market demand curve?
• Section 1 Assessment (p.90): #1 - 11

Law of Demand (Parody of Sharp Dressed Man): http://youtu.be/tDkkkEQXJMw
Law of Demand (Investopedia): http://www.investopedia.com/video/play/law-demand/

The Law of Demand