10. Welcome
Move and
Welcome
shift
• A move along the demand or supply
curve is when a change in price point
results in a change in demand or supply
• A shift of the demand or supply curve is
when the entire curve shifts due to
external factors, such as population
change, or the weather
11. Welcome
The basic
Welcome
rule of economics
Demand
• Price up = quantity demand down
• Price down = quantity demand up
Supply
• Price up = supply up
• Price down = supply down
14. Welcome
Welcome
Tick box time
Week
Subject
commencing area
Activity
Resources
What
makes a
market?
What
should
firms
supply?
Students could explore the
changes in the market, and
charges, for mobile phones —
from when mobile phones were
first available to now. What do
they conclude about the
interaction between price,
supply and demand? (See
Activity sheet 2, Task 1 and 2.)
Activity sheet 2, Task 1 and 2
Interaction activity and tasks on
supply and demand at:
www.bized.co.uk/educators/1619/economics/
markets/activity/demandsupply.ht
m
What
consumers
want or
need
Students should identify a
market need for a business
idea of their own. Students
could gain new business ideas
from, eg www.startups.co.uk/. Why do they think
that there is a potential
demand for the business? This
could be set as homework.
Activity sheet 2, Task 3
Additional reading:
Zhang L — Identifying a Market
Opportunity, Business Review,
Volume 7, Issue 4, April 2001,
pages 2-4
15. Welcome
Welcome
5 examples for each
please
• In your book write
• factors that would result in a shift in
the supply curve
• Factors that would result in a shift in
the demand curve
18. Welcome
Welcome
Homework
• I want you to explore the telephone
market, and produce a brief report (1 side
A4) on changes in the market, and charges,
for mobile phones — from when mobile
phones were first available to now.
• What do you conclude about the
interaction between price, supply and
demand?
• I’m giving you a lot of freedom with this, I
do ask you keep it interesting and among
all else, relevant.
