Welcome back folks I am here today to tell you about what happened in economics this week. It was a pretty crazy week because of all the CRAZY WEATHER. we got back to school on Wednesday, and learned something rather intriguing to me. That is demand. We looked at how prices effect demand, how quantity wanted can effect demand, and many different graphs that resemble demand. The first was a demand schedule. It shows how much of something will be bought at a certain price, and that is in the form of a chart. The next is a demand curve. It always slopes downward, and is a line graph. It represents the demand schedule. So to me that's some pretty cool stuff. We practiced these many times and learned about the six factors that effect the demand curve making it move forward, or backward on the graph. Id like to see if my fellow students remember what those are.????? So if you do don't be afraid to comment below ill be sure to look and reply.
This is the awesome blogs of Zach Zimm Zimm sighing of for this weeks blog of total awesomeness.
Income- People have more or less money to spend
ReplyDeleteMarket size- Number of potential buyers change
Consumer tastes- Popularity increases demand
Consumer expectations- Possible future prices affect present buying
Substitute goods- some products are interchangeable
Complementary goods- Some products are used together
I remember :D
P.S. I love copy and paste :)
I also think demand's pretty cool. And how that those 6 factors can make the demand curve somewhere completely different from where it started! I think consumer tastes are used a lot in the market because things go into and out of popularity quite often
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