agenda -bellringer -types of goods notes -demand activity -graphing demand
TRANSCRIPT
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Agenda- Bellringer
- Types of Goods notes
- Demand activity- Graphing demand
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ObjectiveStudents will
identify the law of demand and how to
graph a demand curve by completing
a worksheet
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Normal versus inferior goods
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Normal good: When income goes up the quantity demanded increases with income;
Inferior good: When income goes down the quantity demanded decreases with income;
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Normal good Examples:
New clothesNew carMovie theater ticketsMeals at a nice restaurant Caribbean vacationsNFL football gamesStarbucks
**When things are good, what do you splurge on?**
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Inferior good Examples:
DVD rentalsUsed clothesUsed carsPublic transportationMcDonaldsCoffee at home
**When times are tough, what do you cut back on?**
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Public Transportation
(bus)
Luxury cars or new cars
(purchased)
As income goes up, more people buy new cars or
luxury cars…..
As income decreases, more people use public
transportation
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Ramen noodles Dinner at Number 5
As income goes up, more people go out to eat at nice
places…..
As income decreases, more people eat Ramen
noodles
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Substitute goods: an increase in the price of one product leads to an increase in the quantity demanded of a cheaper, similar product
Complementary goods: A decrease in the price of one leads to an increase in the quantity demanded of the other.
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substitute good Examples:
Tea (for coffee)Ford (for Toyota)Gap (for Abercrombie)Skippy peanut butter (instead of Jiff)Underarmour (Northface)Pepsi (coke)
**This is why companies offer coupons/sale prices!! Increase demand over competition!**
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Complementary good Examples:
Hot dogs and bunsPencils and erasersDVD players and DVDSToothbrushes and toothpastePrinters and toner cartridges
**One is not good without the other. If there’s a sale on hot
dogs, people will automatically demand buns**