- Explain the negative causal relationship between price and quantity demanded.
- Describe the relationship between an individual consumer’s demand and market demand.
- Explain that a demand curve represents the relationship between the price and the quantity demanded of a product, ceteris paribus.
- Draw a demand curve.
- Explain how factors including changes in income (in the cases of normal and inferior goods), preferences, prices of related goods (in the cases of substitutes and complements) and demographic changes may change demand.
- Distinguish between movements along the demand curve and shifts of the demand curve.
- Draw diagrams to show the difference between movements along the demand curve and shifts of the demand curve.
Next we will consider demand. While watching the second video there are some questions I want you to answer here.
You will be given a copy of a document to complete (also linked here).