LAW OF DEMAND

LAW OF DEMAND LESSON PLAN

 

Teaching Materials

• Lesson - Law of Demand (see below for printable lesson)

Process:

After completing the lesson plan, have students use the law of demand to complete the demand schedules.

Lesson Excerpt:
The law of demand is the inverse relationship between demand price and the quantity demanded, ceteris paribus. This fundamental economic principle indicates that as the price of a commodity decrease, then the quantity of the commodity that buyers are able and willing to purchase in a given period of time, if other factors are held constant, increases.

Ceteris paribus is a Latin term that means all other thing being equal.  For a demand curve to be accurate the ceteris paribus assumption must be in place.  So when there is a change in price there is a movement along the demand curve.  This is called a change in quantity demanded.  It looks like this:

 

 

 

 

Lesson Printable Materials - Worksheets

Print out the teaching lesson pages and exercise worksheets for use with this lesson:

 

LAW OF DEMAND LESSON
	Law of Demand Lesson Lesson plan and student worksheet.
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