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DEMAND DEMAND The  desire DEMAND DEMAND The  desire

DEMAND DEMAND The desire - PowerPoint Presentation

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Uploaded On 2018-12-15

DEMAND DEMAND The desire - PPT Presentation

ability and willingness to buy a product Law of Demand Price and demand are inverse As price goes up demand goes down As price goes down demand goes up DEMAND SCHEDULE A listing that shows corresponding prices and quantities demanded ID: 741348

price demand change buy demand price buy change consumers blu consumer products ray product schedule curve increase people incomes

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Presentation Transcript

Slide1

DEMANDSlide2

DEMAND

The

desire

, ability, and willingness to buy a product.Slide3

Law of Demand

Price and demand are inverse.

As price goes up = demand goes down

As price goes down = demand goes upSlide4

DEMAND SCHEDULE

A listing that shows corresponding prices and quantities demanded.Slide5

Mr. Lawson’s Demand Schedule for a

Blu

-Ray

PRICE

QUANTITY DEMANDED

$50

$40

$30

$20

$10$5

0011

23Slide6

DEMAND CURVE

Demand schedule in graph formSlide7

Mr. Lawson’s Demand Curve for a

Blu

-Ray

$50

$40

$30

$20

$10

$5

$0

0 1 2 3Slide8

Changes in Demand

Causes demand curve to SHIFT to the right or left.Slide9

Change in Demand

$50

$40

$30

$20

$10

$5

$0

0 1 2 3Slide10

Causes for Change in Demand?

Consumer Income

Consumer Taste

SubstitutesComplementsChange in ExpectationsNumber of ConsumersSlide11

Consumer Income

If consumer’s incomes increase they are able and willing to buy more products

If consumer’s incomes decrease they are less likely to buy products.

Ex.: When our unemployment rate is low, our economy strives.Slide12

Consumer Tastes

Advertising, news reports, fashion trends, and changes in the season have an affect on demand

Ex: In the month of October, people tend to buy items that are pink…Slide13

Substitutes

Products that can be used in place of other products.

Ex.: when the price of Coca-Cola goes up, the demand for Pepsi goes up.Slide14

Complements

An item that increases the use of another product.

Ex.: When the price of

blu-ray players goes down, consumers buy more blu-ray players

and

blu

-rays.Slide15

Change in Expectation

Change in what people expect in the future.

Ex.: the

iPhone 5 was announced in June. That caused the demand for

iPhone

4/4s to go down.

Ex.: consumers might wait until Black Friday to buy a product they know will be on sale.Slide16

Number of Consumers

An increase in the number of consumers will change the demand for an item.