This week in the wonderful world of economics, we have been discussing a very interesting and important topic: demand! Demand is the ability and desire to pay. We went even further and talked about the law of demand, the demand curve and schedule. Law of demand is when the price goes up, quantity of demand will go down and when the price goes down, the quantity of demand will go up. This information is shown on the demand curve, which will always slope downward. Our wonderful teacher showed us how to read and use the demand curve. We used graph paper and drew the vertices that represented price (y) and quantity (x). She had us use real world examples, such as purchasing video games or cats, to see how as the price decreases, the quantity of demand increases. During the snow days as I watched the videos and read the notes, I did not understand what I was reading. Using these real world examples were very helpful and helped me understand how to read and use the demand curve! Using the demand curve is very beneficial for companies keeping track of their products and customer satisfaction.
Real world examples truly are very helpful indeed old sport. I cannot imagine learning a subject without them. Our wonderful teacher really does help us by using them. I finally can understand what a demand graph means and I believe I can finally make one. Companies need these in order to thrive!
ReplyDeleteI love the way you describe methods of how the law of demand, the demand curve and the demand schedule work. I also agree that Mrs. Weser using real world examples helps me understand the subject way better than when I read it myself.
ReplyDeleteI also like the real world examples; they make it so much easier to understand the topics we're studying. I thought that drawing the demand curves was kind of fun... It made me forget that I was actually learning!
ReplyDeleteMrs. Weaser really did a good job at explaining demand curve. It was really easy to graph and understand the graph thanks to her.
ReplyDeleteYeah, I think that the real world examples really helped me to picture how it all fits together a lot better. I understood most of it after watching the videos, but not fully. Mrs. Weser is a really great teacher, and in our class we looked at the demand curve and schedule for Nike's signed by a bunch of famous people! It was really funny when she said "what if the signatures were fake..." cause the price and demand dropped A LOT! But we will just have to keep working on it and do our projects.
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