The Importance of Supply and Demand
Lesson 1 – Demand (After reading pages 38-46)
1. Identify the three conditions that must be met for Demand to exist.
2. Define the following:
a. Demand
b. Law of Demand
3. Identify – When a small change in price results in a big change in the amount people are willing to buy a certain product – this is called ___________________________________________.
4. Identify – Okay, how about a store that lowers its price but it only results in just a few more customers – this is called ______________________________________________.
5. Discuss the ways in which the level of demand for a product could change.
6. ______________________________ plays a big role in changing the level of demand.
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