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AP® Microeconomics · Unit 2 · Topic 2.1

Demand: Topic Checklist (Microeconomics 2.1)

Specific “I can…” statements for demand, each linked to the guide section and practice question that shows whether you can really do it.

Work through the list without notes. If you cannot do a statement, follow its link, then come back. Guide = study guide; Practice = practice questions.

Understanding

  • I can explain why markets need well-defined property rights. (Guide: “Markets need property rights, incentives and constraints”; Practice Q6)
  • I can give examples of incentives buyers respond to and of income, time and legal constraints they face. (Guide: same section; Practice Q6)
  • I can define demand and quantity demanded, and explain “willing and able” and “other things equal”. (Guide: “What demand means”)
  • I can state the law of demand and explain the downward slope with the substitution effect, the income effect and diminishing marginal utility. (Guide: “Why the demand curve slopes downward”; Practice Q3)

Calculation and graphing

  • I can build an individual demand schedule from marginal benefit values, buying each unit while MB is at least the price. (Guide: “From marginal benefit to individual demand”; Practice Q4)
  • I can add individual quantities at each price to find market demand. (Guide: Worked example 1; Practice Q1, Q4)
  • I can draw a demand curve with both axes labelled (price with units; quantity with units and period) and the curve labelled. (Guide: Figure 1; Practice Q5)
  • I can show a change in quantity demanded as a movement along the curve, and a change in demand as a shift. (Guide: Figures 1 and 2; Practice Q5)

Reasoning

  • I can name the determinants of demand and give the direction of the shift for each: income (normal and inferior), substitutes, complements, tastes, expectations and number of buyers. (Guide: “The determinants of demand”; Practice Q2, Q7)
  • I can tell a change in quantity demanded from a change in demand, and use the right words for each. (Guide: “Change in quantity demanded versus change in demand”; Practice Q2, Q6)
  • I can explain how a legal constraint, such as a minimum age, changes market demand. (Practice Q6)
  • I can read a demand curve as a marginal benefit curve, both across from a price and up from a quantity. (Guide: Worked example 2, “Interpretation”)

All ticked? Move on to Topic 2.2, Supply, or return to the course roadmap.

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