Textbook Chapter 3-2
Observing The Law Of Supply & Demand
Textbook Pages 66-71
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LESSON SUMMARY
Lesson "Marketing 3-2: Observing The Law Of Supply And Demand" outlines key concepts in microeconomics and consumer demand. It emphasizes the importance of understanding how consumers and producers allocate their resources, which helps in making informed decisions and maintaining economic balance. The document distinguishes between macroeconomics, which focuses on the economy as a whole, and microeconomics, which delves into individual consumer and producer behaviors. Marketers are particularly interested in microeconomic factors such as purchasing decisions, competitor pricing, supply and demand dynamics, and the relationship between product prices and consumer willingness to pay.
Additionally, the text discusses the factors affecting demand, including the importance of consumer needs, product availability, and alternative options. It explains the law of demand, illustrated by demand curves that show the inverse relationship between price and quantity demanded. The document also covers supply factors, such as profit potential, competition, and available resources, which influence production decisions. Supply curves reflect the law of supply, indicating that higher prices generally lead to increased production. Ultimately, the intersection of supply and demand curves determines the market price, indicating where the quantity supplied meets the quantity demanded for a product, thus guiding business strategies and economic understanding.
Lesson "Marketing 3-2: Observing The Law Of Supply And Demand" outlines key concepts in microeconomics and consumer demand. It emphasizes the importance of understanding how consumers and producers allocate their resources, which helps in making informed decisions and maintaining economic balance. The document distinguishes between macroeconomics, which focuses on the economy as a whole, and microeconomics, which delves into individual consumer and producer behaviors. Marketers are particularly interested in microeconomic factors such as purchasing decisions, competitor pricing, supply and demand dynamics, and the relationship between product prices and consumer willingness to pay.
Additionally, the text discusses the factors affecting demand, including the importance of consumer needs, product availability, and alternative options. It explains the law of demand, illustrated by demand curves that show the inverse relationship between price and quantity demanded. The document also covers supply factors, such as profit potential, competition, and available resources, which influence production decisions. Supply curves reflect the law of supply, indicating that higher prices generally lead to increased production. Ultimately, the intersection of supply and demand curves determines the market price, indicating where the quantity supplied meets the quantity demanded for a product, thus guiding business strategies and economic understanding.
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DO NOW: Lets Review Using The Control F Function (YOU'RE GOING TO NEED IT TODAY!!!!)
DO NOW 2: Let's Review How To Find Transcripts For YouTube Videos.
Worksheet Q1 & Q2: Marketing A $30,000 Acura To Countries With People Who Don't Make $30,000.
Directions: Watch the video below. It will help you fill in worksheet questions 1 and 2.
Link Referenced In Video (Below)
Worksheet Questions From Video 1
1.) Define GNI Per Capita in the space below:
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2.) Why would it be unlikely for Acura to market their cars in countries with low GNI Per Capitas?
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1.) Define GNI Per Capita in the space below:
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2.) Why would it be unlikely for Acura to market their cars in countries with low GNI Per Capitas?
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Worksheet Questions 3, 4 and 5. Mr. Kazanjian's Big Product, The Honey Badger Scoop
Worksheet Questions From Video 2
3.) How much does it cost Mr. Kazanjian to produce a Honey Badger Scoop (per scoop)?
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4.) What is the law of supply and demand (definition from video)?
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5.) According to the video, how could Mr. Kazanjian lower the cost of production for the Honey Badger Scoop?
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3.) How much does it cost Mr. Kazanjian to produce a Honey Badger Scoop (per scoop)?
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4.) What is the law of supply and demand (definition from video)?
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5.) According to the video, how could Mr. Kazanjian lower the cost of production for the Honey Badger Scoop?
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Worksheet Question 6: The Difference Between Microeconomics & Macroeconomics
Worksheet Question 7: Explain Microeconomics & Consumer Demand
Questions From Video 4
7.) Explain microeconomics and the concept of consumer demand. (Use the end of the video and the textbook to answer).
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7.) Explain microeconomics and the concept of consumer demand. (Use the end of the video and the textbook to answer).
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Worksheet Question 8: Factors That Affect Supply And It's Relationship To Demand
Questions From Video 5
8.) Identify factors that affect supply and its relationship to demand.
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8.) Identify factors that affect supply and its relationship to demand.
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Now It Is Time For You To Read The Textbook Chapter And Take The Quizzes
Textbook Chapter 3-2
Observing The Law Of Supply & Demand
Section 1: Microeconomics & Consumer Demand
Pages 66-68
Directions: Your first quiz is on the first section of Chapter 3-2 titled Microeconomics & Consumer Demand. This section goes from pages 66-68. Watch the video below, read the summary and take the quiz below.
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Summary Of Textbook Section Microeconomics & Consumer Demand
The provided text offers an overview of microeconomics and its relationship to consumer demand. Economics is divided into two main areas: macroeconomics, which looks at the broader economic behavior of societies, and microeconomics, which focuses on individual consumer and producer decisions. While both branches are important, microeconomics is particularly relevant to marketers who need to understand how consumers make purchasing decisions and how these decisions influence supply, demand, and pricing.
Several factors affect consumer demand, including the importance of the need or want, the available supply of products, and the availability of alternatives. Consumers are often willing to spend more on products they deem highly important, especially when they believe that supply is limited or when they cannot find suitable alternatives. Conversely, when supply is abundant, or several satisfying alternatives exist, consumers tend to be more price-sensitive and cautious about their spending.
Demand curves are a tool used by economists to understand how much consumers are willing to pay for different quantities of products or services. These curves visually depict the relationship between price and demand, typically showing that as prices increase, demand decreases, and vice versa. This concept, known as the law of demand, helps marketers understand consumer behavior in economic markets.
In conclusion, understanding consumer demand and the factors that influence it is crucial for businesses in making effective marketing decisions. By analyzing demand curves and considering the availability of products and alternatives, marketers can better anticipate consumer responses to changes in pricing and product availability.
The provided text offers an overview of microeconomics and its relationship to consumer demand. Economics is divided into two main areas: macroeconomics, which looks at the broader economic behavior of societies, and microeconomics, which focuses on individual consumer and producer decisions. While both branches are important, microeconomics is particularly relevant to marketers who need to understand how consumers make purchasing decisions and how these decisions influence supply, demand, and pricing.
Several factors affect consumer demand, including the importance of the need or want, the available supply of products, and the availability of alternatives. Consumers are often willing to spend more on products they deem highly important, especially when they believe that supply is limited or when they cannot find suitable alternatives. Conversely, when supply is abundant, or several satisfying alternatives exist, consumers tend to be more price-sensitive and cautious about their spending.
Demand curves are a tool used by economists to understand how much consumers are willing to pay for different quantities of products or services. These curves visually depict the relationship between price and demand, typically showing that as prices increase, demand decreases, and vice versa. This concept, known as the law of demand, helps marketers understand consumer behavior in economic markets.
In conclusion, understanding consumer demand and the factors that influence it is crucial for businesses in making effective marketing decisions. By analyzing demand curves and considering the availability of products and alternatives, marketers can better anticipate consumer responses to changes in pricing and product availability.
Directions (Continued): After read the first section of Chapter 3-2, take the quiz on Schoology. You can preview the questions below.
Textbook Chapter 3-2
Observing The Law Of Supply & Demand
Section 2: Supplying The Product
Pages 68-71
Directions: Your second quiz is on the second section of Chapter 3-2 titled Supplying The Product. This section goes from pages 68-71. Watch the video below, read the summary and take the quiz below.
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Summary Of Textbook Section: Supplying The Product
The production of products or services in a business is influenced by several key factors, including the potential for profit, the level of competition, and the ability to develop and market offerings. Businesses aim to maximize profit, making decisions on what to produce based on cost analyses and potential pricing. They prioritize products or services that show a high probability of yielding substantial profits over those with lower profitability or risk of loss. This decision-making process involves evaluating both production costs and market demand.
Competition plays a crucial role in shaping business strategies. When faced with intense competition, businesses may seek to offer unique products or services with fewer competitors to increase their chances of success. If competition is unavoidable, companies may differentiate their products by adding features or offering benefits that competitors do not provide. Additionally, businesses utilize available resources, including natural resources, capital, labor, and equipment, to develop products. Some industries, such as electronics, can pivot quickly to new products, while others, like oil or coal companies, have fewer options due to the nature of their resources.
Economists use supply curves to predict how the quantity of goods or services changes at different prices. According to the law of supply, as prices increase, producers are willing to produce more of a product, and as prices decrease, less will be produced. Producers, like consumers, make decisions based on price and aim to allocate their resources to products that offer the highest potential returns. This predictable relationship between price and quantity supplied helps businesses plan their production strategies effectively.
The interplay between supply and demand curves is fundamental in determining market prices. Demand curves illustrate the quantities consumers will purchase at various prices, while supply curves show the quantities producers are willing to supply. When the two curves intersect, it indicates the market price where the quantity supplied equals the quantity demanded. This equilibrium point is critical in determining how many units of a product, such as notebook computers, will be sold at a specific price. Each product has unique supply and demand dynamics that influence its market price and quantity sold.
The production of products or services in a business is influenced by several key factors, including the potential for profit, the level of competition, and the ability to develop and market offerings. Businesses aim to maximize profit, making decisions on what to produce based on cost analyses and potential pricing. They prioritize products or services that show a high probability of yielding substantial profits over those with lower profitability or risk of loss. This decision-making process involves evaluating both production costs and market demand.
Competition plays a crucial role in shaping business strategies. When faced with intense competition, businesses may seek to offer unique products or services with fewer competitors to increase their chances of success. If competition is unavoidable, companies may differentiate their products by adding features or offering benefits that competitors do not provide. Additionally, businesses utilize available resources, including natural resources, capital, labor, and equipment, to develop products. Some industries, such as electronics, can pivot quickly to new products, while others, like oil or coal companies, have fewer options due to the nature of their resources.
Economists use supply curves to predict how the quantity of goods or services changes at different prices. According to the law of supply, as prices increase, producers are willing to produce more of a product, and as prices decrease, less will be produced. Producers, like consumers, make decisions based on price and aim to allocate their resources to products that offer the highest potential returns. This predictable relationship between price and quantity supplied helps businesses plan their production strategies effectively.
The interplay between supply and demand curves is fundamental in determining market prices. Demand curves illustrate the quantities consumers will purchase at various prices, while supply curves show the quantities producers are willing to supply. When the two curves intersect, it indicates the market price where the quantity supplied equals the quantity demanded. This equilibrium point is critical in determining how many units of a product, such as notebook computers, will be sold at a specific price. Each product has unique supply and demand dynamics that influence its market price and quantity sold.
Directions (Continued): After read the second section of Chapter 3-2, take the quiz on Schoology. You can preview the questions below.