CONTEMPORARY ECONOMICS LESSON 4 1 1 1

CONTEMPORARY ECONOMICS: LESSON 4. 1 1

1. Once recreational use of marijuana was legalized in the state of Colorado, how did it change the demand for marijuana? 2. How might this marijuana shop be a monopoly within the city of Breckenridge ? 3. Analyze how is it Cannabis meets capitalism? 2

Title Notes: Ch. 4. 1 Demand Curve CONTEMPORARY ECONOMICS: LESSON 4. 1 3

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Law of Demand CONSUMER WANT vs CONSUMER DEMAND CONTEMPORARY ECONOMICS: LESSON 4. 1 5

I might be willing to buy certain things…

But, am I able to buy them?

Law of Demand CONTEMPORARY ECONOMICS: LESSON 4. 1 8

Cereal CONTEMPORARY ECONOMICS: LESSON 4. 1 9

Law of Demand CONTEMPORARY ECONOMICS: LESSON 4. 1 10

The satisfaction you get from a second pizza is your marginal utility of that pizza

CONTEMPORARY ECONOMICS: LESSON 4. 1 12

Law of Demand CONTEMPORARY ECONOMICS: LESSON 4. 1 13

Explain the law of demand in your own words. CONTEMPORARY ECONOMICS: LESSON 4. 1 14

Demand Schedule and Demand Curve CONTEMPORARY ECONOMICS: LESSON 4. 1 15

Demand Schedule . The schedule (chart) lists possible prices, along the quantity demanded at each price. CONTEMPORARY ECONOMICS: LESSON 4. 1 16

Demand Curve. The curve (line) on the graph that shows the points or relationship between the quantity demanded at each price. CONTEMPORARY ECONOMICS: LESSON 4. 1 17

Demand Curve for Pizza CONTEMPORARY ECONOMICS: LESSON 4. 1 18

Demand Schedule and Demand Curve CONTEMPORARY ECONOMICS: LESSON 4. 1 19

Demand Schedule and Demand Curve CONTEMPORARY ECONOMICS: LESSON 4. 1 20

Individual Demand for Pizzas CONTEMPORARY ECONOMICS: LESSON 4. 1 21

Market Demand for Pizzas CONTEMPORARY ECONOMICS: LESSON 4. 1 22

Demand Schedule and Demand Curve CONTEMPORARY ECONOMICS: LESSON 4. 1 23

What do a demand schedule and demand curve show? ? CONTEMPORARY ECONOMICS: LESSON 4. 1 24

Price Changes on Advertisements CONTEMPORARY ECONOMICS: LESSON 4. 1 25

Price Changes on Advertisements 26

Exit Slip CONTEMPORARY ECONOMICS: LESSON 4. 1 27