Welcome Welcome

Welcome Welcome Recap

Welcome Welcome Shifting the supply curve

Welcome Welcome Identify what customers want or need

What is a want?

What is a need?

Welcome Welcome Demand

Welcome Welcome Why demand decreases if demand increases

Welcome Welcome The Demand Curve

Welcome Welcome The Factors of Demand

Welcome Welcome Shifting the demand curve

Welcome Welcome Move and shift

• A move along the demand or supply curve is when a change in price point results in a change in demand or supply

• A shift of the demand or supply curve is when the entire curve shifts due to external factors, such as population change, or the weather

Welcome Welcome The basic rule of economics

Demand • Price up = quantity demand down• Price down = quantity demand up

Supply• Price up = supply up• Price down = supply down

Welcome Welcome Market equilibrium – determinning price

Welcome Welcome Market orientated

Welcome Welcome Tick box timeWeek commencing

Subject area

Activity Resources

What makes a market? What should firms supply?

Students could explore the changes in the market, and charges, for mobile phones — from when mobile phones were first available to now. What do they conclude about the interaction between price, supply and demand? (See Activity sheet 2, Task 1 and 2.)

Activity sheet 2, Task 1 and 2Interaction activity and tasks on supply and demand at: www.bized.co.uk/educators/16-19/economics/markets/activity/demandsupply.htm

What consumers want or need

Students should identify a market need for a business idea of their own. Students could gain new business ideas from, eg www.start-ups.co.uk/. Why do they think that there is a potential demand for the business? This could be set as homework.

Activity sheet 2, Task 3

Additional reading:Zhang L — Identifying a Market Opportunity, Business Review, Volume 7, Issue 4, April 2001, pages 2-4

Welcome Welcome 5 examples for each please

• In your book write

• factors that would result in a shift in the supply curve

• Factors that would result in a shift in the demand curve

Welcome Welcome Question time

• What questions do you have based on today’s lesson?

Welcome Welcome OK Worksheet time

Welcome Welcome Homework

• I want you to explore the telephone market, and produce a brief report (1 side A4) on changes in the market, and charges, for mobile phones — from when mobile phones were first available to now.

• What do you conclude about the interaction between price, supply and demand?

• I’m giving you a lot of freedom with this, I do ask you keep it interesting and among all else, relevant.