Essential Concepts
DEMAND Amount of a good that buyers can afford and want to purchase at each possible price and
over a period of time, while holding constant all other factors that could affect this amount.
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WARNING: Demand and quantity demanded are not the same concept.
SUPPLY Quantity of a good that producers can and want to sell for all possible prices offered and over
a period of time, while holding constant all other factors that could affect this amount.
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WARNING: Supply and quantity supplied are not the same concept.
Using the reading and Intellipath use the above concepts to understand and be able to explain Law of Demand and Law of Supply, market shortage and excess demand, market surplus and excess supply, and market equilibrium.
IP for Unit 1
Understand the determinants of the Demand for housing to explain shifts in housing demand
Understand the determinants of the Supply for housing to explain shifts in housing supply
Select four cities; collect housing price information; present the housing prices
Select a city or house; state the reasons; support your decision.
State two reasons why prices vary from location to location
Discuss the housing market.
: Explain 3–4 ways in which supply and demand affect the prices of the homes
Supply and Demand determine housing prices
List the factors that determine housing supply; change in these factors shift housing supply
List the factor that determine housing demand; change in these factors shift housing demand
• 2–3 slides of your preferred city to relocate with your reasoning for this choice
• 1–2 slides: Explain at least 2 reasons why housing prices vary from city to city
• 3–5 slides: Explain 3–4 ways in which supply and demand affect the prices of the homes
• 3–5 slides: Include any supply and demand figures or calculations to support your reasoning
• Cite sources using APA style.
Format: place and state the list of main ideas and concepts. Place and post the explanations, the discussions, the definitions and the citations in the note area below each slide.
Avoid writing an essay on a slide.
First page is title page with your name
Last pages present the reference list in APA format directly on the slide.
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