- 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.
We will discuss the responses to the Google Form, write some definitions and do some tasks. Next class you will have a quiz on demand (academic practice).