We will be using Cornell Note Taking
Format Today!
Smile and “Own the Day!
Take one step at a time to
Success in Economics class!
Unit Two: Learning Objectives:
North Clackamas School District
Social Studies Priority Standards:
• HS.51 (A): Explain how supply and
demand represents economic activity
and describe the factors that cause them
to shift.
Lesson 2-2: Daily Learning Target
I Can define and explain in writing the
following key Economic concepts:
Demand Determinants (Shifters)
(T-I-M-E-R)
ON Your Whiteboards
Small Group Problem Solving Activity #1
Role: Portable DJ Company
Task: Create a Top 10 List of musical artists for the year 1984.
You are formulating ideas for music to be played at a gig you have
booked. CHS class of 1984: “30 Year Reunion” at the Grand
Ballroom in Portland.
Goal: To match my list of “Top 10” musical artists of 1984
If you have a list greater than twenty, you must decide as a
group which item (s)to eliminate from your list
Match my List: Total possible score 14 points
Top 10 Musical Artists of 1984
Top Ten Musical Artists of 1984
1.
Prince
2.
Tina Turner
3.
Lionel Ritchie
4.
Cyndi Lauper
5.
Bruce Springsteen
6.
Culture Club
7.
Van Halen
8.
Duran Duran
9.
Billy Joel
10.
Madonna *
Small Group Problem Solving Activity #2
Role: Prom Music committee (Anywhere USA)
Task: Create a Top 10 List of songs/artists to be played to
appeal to a DIVERSE STUDENT BODY WITH DIVERSE
MUSICAL TASTES (ALL MAIN GENRES NEED TO BE
REPRESENTED):
Brainstorm a list of twenty SONGS/ARTISTS within your
group
If you have a list greater than twenty, you must decide as a
group which item (s)
to eliminate from your list
Top 10 Songs/Artists for Prom
ON YOUR WHITEBOARDS, ANSWER
AS A GROUP:
Which problem solving activity was
more difficult? Why?
Why does
Taste in music change over
time or does it?
• WE WILL SHARE OUT
“BO KNOWS ECONOMICS!”
D
.
Dr. Pepper is
only 10 cents.
I normally buy
7-Up or Big Red.
And I normally
drink RC Cola, but
not if I can get a
10 cent Dr Pepper.
We are going to draw this
Graphic organizer now!
Change in
Demand
[curve]
.
Glory Road - Texas Western Over Kentucky 72-65
This is when they wore basketball shorts that fit!!!
Texas Western-National Champs [28-1]
Front: Bobby Hill, Orsten Artis, Togo Raily, Willie Worsley. 2nd Row: David Palacio, Dick Myers, Harry
Flournoy, Louis Baudoin. 3rd Row: Nevil Shed, Jerry Armstrong, Willie Cager, David Lattin, Coach Haskins.
The “Fab Five” (Michigan)
1991-NCAA Finals in
1992 and 1993
$28
The good news is that Nemo has finally been found.
The bad news is the condition in which he was found.
D1
P
Hamburger Meat
If your cow sounds like this,
fire up the
barbecue.
D1
D2
$45
A sultry 15-year old Brooke Shields in 1980 saying, “You know what comes between
me & my Calvin’s? Nothing.” The ads scandalized the public but turned sales white hot.
QD1
QD2
You WILL KNOW - if you begin to LOOK LIKE THIS!!!
And – how will you know if you have regular or swine flu?
D3
D1 D2
P
D3
QD3 QD1 QD2
Bell Bottoms
Mini
Hip Huggers
Skirts Platforms
1. An “Increase in Taste” shifts the D curve right
a. The Nehru jacket came & went in 6 months.
b. Jordache Jean demand created by TV
c. Leisure suits and bell bottoms.
d. Technological change may cause
consumer taste to change [slide rules].
Jordache
D1
D2
P
Dark Chocolate: Half A Bar Per Week May Keep Heart Attack Risk At Bay.
D1
D2
P
.
“Decrease in demand”
after the E. coli scare in OR
And WA Chipotle restaurants!.
Consumer
Tastes and Preferences
• Popularity, “cool factor”, in style or
new technology (phone, game system, Big screen TV)
• When a product becomes more popular, demand
increases
• When a product becomes less popular, demand
decreases.
New Cars
More income
results in
more demand
for new cars;
less demand
for used cars.
P
Used Cars
Less income
results in
more demand
for used cars;
less demand
for new cars.
D1 D2
P
New Cars
More demand
for both normal
& inferior goods
QD1 QD2
Used Cars
Market Size
• When more businesses enter an industry,
market size increases and more products become
available.
• When market size increases, demand increases
• When market size decreases, demand decreases
$499
D1
iPad 16 GB
P
QD1
D1
P
QD1
D1
P
QD1
D1
D2
P
QD1
Consumer
Expectations
• Reacting to an expected change in price or
quality (future)
• If consumers believe the price of a product will
decrease tomorrow or quality will go up in the future
(new technology-TV/gaming system), their demand
today will decrease.
• If consumers believe the price of a product will
increase tomorrow, their demand today will
increase.
D
D1
P
D1
P
P2
QD2
Milk
Cereal
Pop Tarts
Substitute Goods
• A product that can be substituted for or replace
another (Usually price related)
• Examples – margarine and butter, chicken and
turkey
• When the demand for a substitute good increases,
demand for the original good will decrease.
• When the demand for a substitute good decreases,
demand for the original good will increase.
Substitute Goods
Brainstorm A List of
SUBSTITUTE Goods
With Your Group Now
And Write on your
Whiteboards.
We Will Share out!
D1 D2
D
P
Price
Of
7UP
Demand
for
Dr Pepper
D1
Price
Of
Chicken
D2
Demand
for
Turkey
D1
Price Of
Windows-based
Computers
D2
Demand
for
Apple’s Mac
Computers
Complementary Goods
• A product that compliments or “goes with”
another product
• Examples – paint and paint brushes, hot dogs and
hot dog buns
• When demand for a complementary good
increases, demand for the original good also
increases.
• When demand for a complementary good
decreases, demand for the original good also
decreases.
Complementary Goods
Brainstorm A List of
Complimentary Goods
With Your Group Now
And Write on your
Whiteboards.
We Will Share out!
P1
P2
QD1 QD2
D1
Boat Prices
P
QD
Gasoline Demand
No change
in price
I’m making more
money without
dropping my prices.
They are so cheap that
even dogs are buying boats
D
P
D1
D2
QD
Click on AB
to play
QD
D
Coke
D
Motorcycles
QD1 QD2
D1
D2
D1
D2
Helmets
Demand Review Exit Ticket 2-2:
PARTNER PRACTICE:
 Complete the Understanding Demand
Worksheet
 Turn directly into me. I want to personally
check your level of understanding on these
concepts.
 This can be done individually or with a partner!