Demand Is Not Just Wanting
Match the cards using the notes about Demand schedule, Quantity demanded, Budget constraint and Observed purchase.
About 15 minutes, plus any extended practice
Supplied materials
- Paper and pencil; drawing or spoken answers are welcome.
- Topic notes: Demand schedule: quantities buyers are willing and able to buy at different prices. Quantity demanded: the quantity willing and able to be purchased at one stated price. Budget constraint: a limit on money available for purchases. Observed purchase: a transaction that actually occurred in the supplied record.
- Original exercise cards: Fictional table lists purchases possible at $2, $3 and $4. / Fictional buyers would buy six notebooks at $2 each. / Fictional buyer has only $8 available. / Fictional receipt records two notebooks bought. / At a stated $5 price, fictional buyers would buy four items. / A fictional household sets a $20 limit. / A fictional register records an item sold. / A fictional schedule relates several prices to desired affordable quantities.
Learn the idea
Demand concerns quantities people are willing and able to purchase at different prices. Quantity demanded concerns one price. A budget affects ability to buy. A purchase record shows an actual transaction. Wanting an item without ability to pay does not establish market demand at every price.
Demand schedule: quantities buyers are willing and able to buy at different prices. Quantity demanded: the quantity willing and able to be purchased at one stated price. Budget constraint: a limit on money available for purchases. Observed purchase: a transaction that actually occurred in the supplied record.
Look for quantities at several prices, a quantity at one price, the money limit or a purchase that actually happened. Read the notes and the word cards. You can write, draw or say your answer.
- Read the four notes. Find the words Demand schedule, Quantity demanded, Budget constraint, Observed purchase.
- Look for quantities at several prices, a quantity at one price, the money limit or a purchase that actually happened.
- Read the worked answer. Then try the other cards and explain which words helped you choose.
- Choose two different examples: one for Demand schedule and one for Quantity demanded. Explain how their clues differ.
See the method in action
Worked example: The card says: “Fictional table lists purchases possible at $2, $3 and $4.” That matches Demand schedule. Demand schedule is quantities buyers are willing and able to buy at different prices. Compare the note for Budget constraint: Budget constraint is a limit on money available for purchases. That is a different clue.
Check your reasoning
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Helpful tips
- Look for quantities at several prices, a quantity at one price, the money limit or a purchase that actually happened.
- If you are unsure, ask an adult to read the card again. Match what this card says; do not add a new event or detail.
See the answer and explanation
Quantity demanded
The card says: “Fictional buyers would buy six notebooks at $2 each.” That matches Quantity demanded. Quantity demanded is the quantity willing and able to be purchased at one stated price.
Take it further
New card: “A fictional schedule relates several prices to desired affordable quantities.” Match it with a note, then point to or say the words that helped. Check: The card says: “A fictional schedule relates several prices to desired affordable quantities.” That matches Demand schedule. Demand schedule is quantities buyers are willing and able to buy at different prices.
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More practice: try new cases
Choose an answer for each problem. Explain your method on paper, then use the feedback to decide what to revisit.
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Check the subject sources
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