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The Theory of Demand
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​True or False: In a market economy, prices provide incentives to help the economy use scarce resources efficiently
​True or False: As price falls, quantity demanded for a normal good will fall
True or False: In a market economy, prices provide incentives to help the economy use scarce resources efficiently
True or False: As price falls, quantity demanded for a normal good will fall
True or False: A change in consumers' income will normally cause a shift in the demand curve
True or False: A decrease in the price of a complement will shift the demand for the good in question to the left
True or False: A fall in the price of a substitute good will cause an inward shift in the demand for a product
Individual consumers normally try to maximise
In a free market economy, market prices
As the market price rises, the quantity demanded decreases along the market demand curve because
The shift of the demand curve from D1 to D2 in the diagram could have been caused by
The phrase 'ceteris paribus' means
As consumers have become more concerned about the amount of saturated fat in their diet, the demand for chicken has increased whilst the demand for beef has fallen. The result of this is likely to be
Which one of the following is NOT a cause of a shift in the market demand for a product?
The market demand curve for overseas holiday cruises will NOT shift when there is a
All other factors held constant a decrease in market demand for new cars will lead to
Suppose that a 20% increase in the price of good Y results in an increase in the consumption of good X of 8%. This is an example of
If the price of a digital camera falls from ÂŁ500 to ÂŁ300 during a period when the general price level rose by 10 per cent, then the relative price of the camera has fallen by
When the price of one of the products that you buy increases, your purchasing power decreases. Thus you are likely to buy less of all normal goods. This is known as:
If consumers expect that the price of cocoa will increase in the future, what will happen to equilibrium price and quantity of cocoa now?
Which one of the following would be expected to cause an inward shift in the market demand for UK produced cheese?
Tom graduates from university with a degree in Economics and his income increases by ÂŁ10,000 a year. Other things remaining the same, he decreases the quantity of donuts he buys. For Tom, donuts _______.Â
Chicken and fish are assumed to be substitutes for each other. If the price of chicken increases, demand for fish will
Other factors remaining the same, a large rise in the price of using bus transport will lead to
Demand for a good or service is said to be effective only when it is associated with
The Theory of Plate Tectonics The Theory of Evolution Formative QuizThe Theory of SupplyInterpreting the Theory of Efficient MarketsGSE HS Science - SB6 The Theory of EvolutionEarth's Layers & The theory of Continental DriftContinental Drift Theory. From the discussion of the rock cycle, it has been pointed out that through Earth's external and internal processes. Earth's surface is constantly changing. However, this idea of a changing environment did not conform with the belief of earlier scientists. Rather, they thought that the geographic positions of ocean basins and continents have been static since the beginning of time. It was around the 1500s when Leonardo da Vinci, upon his discovery of fossil seashells found at the high mountains of Italy, first thought of the idea that the areas where mountains are located may have been oceans in the past. Through time, other fossils of marine organisms found far above the current sea level further supported the idea that mountains were uplifted and weathering wore them down. At around the 1800s, most scientists have accepted the idea that Earth's crust is undergoing large vertical movements or uplifting. There was also evidence of possible horizontal movements, but the scientists then were not convinced about it. Alfred Wegener showed evidence of horizontal or lateral movement of the continents in his continental drift theory. According to him, the continents have drifted around the world and have once formed a giant landmass or supercontinent called Pangaea. To support his theory, Alfred Wegener presented a set of geographical, biological, and climatic evidence.Wegener's geographical evidence included the jigsaw puzzle fit of the current continents. He pointed out that the coastlines of South America and Africa seem to fit together. He also pointed the presence of mountain ranges having similar rock types and age but separated by vast oceans, like that of the folded rocks of the Caledonian mountains. The same folded rocks run through West Africa, North America, Newfoundland, Ireland, Wales, Scotland, Greenland, and Norway, all of which are now separated by the Atlantic Ocean. A geographical evidence on the similar rock types in West Africa, North America, Greenland, and Europe is found. The biological evidence came in the discovery of similar plant and animal fossils in different continents separated by oceans. The animal fossils of Mesosaurus and Lystrosaurus indicate that they were not capable of crossing the oceans to reach the other continents. If they were, the fossils should have been more widely distributed Africa, Australia, India, and South America were too large to be carried by wind. This indicates that the areas where the fossils were found were closely linked. It has also been found out that the plant only grew in areas with subpolar climate, which would indicate that the landmasses were located near the South Pole.Lastly, for his climatic evidence, Wegener discovered that a glacial period occurred during the late Paleozoic era in Southern Africa, South America, Australia, and India. The initial explanation for this event was global cooling, but it was rejected because large tropical swamps with so much vegetation were found at the same time in the Northern Hemisphere. This further supported the idea that the supercontinent was indeed near the South Pole, and the continents in Northern Hemisphere were once near the equator. The glacial period also left glacial striations, or the scratches glaciers make as they move across on the underlying bedrock, on the aforementioned continents. For such an event to happen, the continents would have to be connected. SCIENCE PIONEER. Alfred Wegener (1880-1930). Alfred Wegener was a German polar researcher, geophysicist, and meteorologist. He was known for his work on the continental drift theory. In his effort to defend his work, he went to the Greenland ice sheet where he died.Even with all the compelling evidence, the continental drift theory hardly convinced the scientific community at that time because Wegener was unable to identify a credible mechanism that drives the continental drift. He was unable to clearly explain how the continents moved and how the larger continents broke through the ocean floor. Eventually, critics of the continental drift began to accept the theory when new evidence supporting the theory was discovered. The new evidence led to a more encompassing theory the theory of plate tectonics. This theory provided a more convincing explanation as to how the continents moved. The evidence that paved the way for the theory of plate tectonics was the idea of wandering poles. Scientists began studying volcanic rocks to determine the location of the magnetic poles. When volcanic rocks crystallize, the minerals with magnetic properties align themselves parallel to Earth's magnetic field at the time the minerals were formed. This finding allowed scientists to determine the polarity of Earth's magnetic field and the magnetic inclination that showed the location of the poles. Upon studying the paleomagnetism of the rocks, geophysicists found out that rocks from various locations point to different magnetic north poles, suggesting that the poles have wandered. Since movement of magnetic poles is very unlikely, scientists have accepted the idea that the continents are indeed moving. And if the continents are moving, scientists thought that maybe the ocean basins are moving too. They also discovered that some rocks showed magnetic reversals, which led them to believe that the magnetic north pole now was not always the magnetic north pole. Seafloor Spreading. After World War II, exploration on the ocean floor became the focus of many geologic studies. It was only then that the ocean ridge system was discovered. A geologist in Princeton University named Harry Hess, along with other scientists, studied this ocean ridge system and hypothesized that the oceanic crust was moving away from the ridge. His hypothesis, known as seafloor spreading, showed that the ocean floor is split along the ridge where the magma rises to form the new ocean floor.Because of this, rocks located near the ridge are younger than those that are located magnetic polarity of Earth is also preserved in those rocks. Withe ridge scientists were able to see the magnetic reversals in the ocean floor, and they were able to make use of information to determine that the ocean floor is moving at a rate of about 10 cm per year. Plate Tectonics. Confirmation of the seafloor spreading hypothesis proved that continents are not moving above the ocean floor. Rather, it is the fragments of the lithosphere. The lithosphere is the rigid layer that is composed of the uppermost mantle and the crust that carry the continents and the ocean basins along. These fragments of the lithosphere are called plates. Underneath the lithosphere is a weaker region in the mantle known as asthenosphere that behaves like a fluid. Thus, the lithosphere floats above the asthenosphere, making it detached and free to move. This became the basis of the theory of plate tectonics. Now that it has been made clear that it is the plates which are moving, the question as to how they move remained. Sir Arthur Holmes proposed the driving force for this plate movement in 1919. He suggested that the movement in the mantle carries the plates along. It was previously discussed that Earth's interior is very hot due to the heat produced by radioactive decay. Convection takes place in the mantle, keeping the asthenosphere hot and weak. The convection currents produced in the asthenosphere are the ones carrying the lithospheric plates and making them move. However, convection currents are not enough. Mechanisms such as ridge push and slab pull aid the convection currents to slowly move the lithospheric plates. Ridge push occurs at mid ocean ridges which are higher in elevation than the surrounding trenches and abyssal plains. The new ocean floor from the ridge is hot and relatively thin. As it moves away from the ridge, it cools down and gets denser, heavier, and thicker. Below this cooling ocean floor is the asthenosphere, which is less dense. This area becomes a massive shear zone and the new ocean floor will effectively slide down the slope of the asthenosphere. When the plate collides with another plate with lesser density, the denser plate sinks and a subduction zone is formed. When the subducting plate sinks, it pulls on the rest of the plate behind it. These mechanisms explain the movement of the plates.Earth has seven major lithospheric plates that account for 94% of Earth's surface. These are the North American Plate, South American Plate, Pacific Plate, African Plate, Eurasian Plate, Indo-Australian Plate, and Antarctic Plate. These plates are constantly moving relative to the other plates. Thus, the interaction of plates occurs mostly along the boundaries. These movements are plotted using information from earthquakes and volcanic activities. There are three main types of plate boundaries: convergent, divergent, and transform boundaries Convergent boundaries are boundaries where two plates move towards each other A convergent boundary is also known as destructive margin since this is where the collision between two plates occhins. There are three types of convergence-oceanic oceanic, oceanic-continental, and continental-continental. Trenches are features of the ocean floor that are present in both oceanic-oceanic boundary and oceanic-continental boundary. Subduction occurs at the trenches, therefore, these are characterized as the deepest parts of Earth. A divergent boundary is the opposite of convergent boundary: two plates move away from each other. Divergent boundaries create new crust; thus, they are also known as constructive margins. The ocean ridge system is a divergent boundary where new ocean floor is produced as magma rises, pushing the older rocks aside.Transform boundary is also known as conservative plate margin since two plates just move past one another, neither creating nor destroying land. Earthquake epicenters are usually detected at transform boundaries because the rocks tend to break and not fold or sink, like in convergent boundaries. Evolution of the Ocean Basins. Both the movement of the plates and seafloor are responsible for the evolution of ocean basins. Along the divergent boundary where ocean ridge systems are found, magma is released and new ocean floor is created. Along convergent boundaries, the ocean floor is being destroyed. The evolution of the ocean basins started during the time when Pangaea was still present and was surrounded by the vast ocean or superocean known as Panthalassa, also called Paleo-Pacific or "old Pacific." Upon the initial break up of Pangaea into Laurasia and Gondwanaland, the Tethys Sea began to form. Then, the Eurasian and North about, forming the North Atlantic. The South Atlantic only started to form when the African Plate and South American Plate separated. The continued movement of the plates created the Himalayas at one side and separated the Pacific Ocean and Atlantic Ocean at the other side, which consequently formed the current ocean basins. Both the movement of the plates and seafloor are responsible for the evolution of ocean basins. Along the divergent boundary where ocean ridge systems are found, magma is released and new ocean floor is created. Along convergent boundaries, the ocean floor is being destroyed. The evolution of the ocean basins started during the time when Pangaea was still present and was surrounded by the vast ocean or superocean known as Panthalassa, also called Paleo-Pacific or "old Pacific." Upon the initial break up of Pangaea into Laurasia and Gondwanaland, the Tethys Sea began to form. Then, the Eurasian and North about, forming the North Atlantic. The South Atlantic only started to form when the African Plate and South American Plate separated. The continued movement of the plates created the Himalayas at one side and separated the Pacific Ocean and Atlantic Ocean at the other side, which consequently formed the current ocean basins.Continents do not immediately end at the point where the ocean meets the land. They may extend slightly into the oceans. The portion of the continent that is submerged is called continental margin. There are two types of continental margin: passive margin and active margin. A passive continental margin consists of a continental shelf, continental slope, and continental rise. It is not associated with plate boundaries; thus, there are very little tectonic activities. An active continental margin only has a continental shelf and a continental slope. It is associated with plate boundaries; thus, a main feature of this boundary is a trench. The different features of a continental margin are the following: 1. The continental shelf is the gently-sloping submerged portion of the continent. 2. The continental slope is the steep slope after the continental shelf. It is still part of the continent. 3. The continental rise is the gently-sloping area after the continental slope and before the ocean floor. 4. The trenches are the deepest parts of the ocean. These are narrow depressions caused by the subduction of the ocean floor along the convergent boundaries. 5. The mid-oceanic ridge is the mountain range system in the ocean. It is responsible for the production of new ocean floor. This is the region where new magma constantly emerges from. SCIENCE CAREER. A scientific illustrator uses art to inform and communicate complex details and concepts of science. He/She makes use of scientifically informed observations and research along with his/her technical art and aesthetic skills to make accurate representations. In Natural History, the scientific illustrators recreate how the extinct species look like by working with scientists and fossil records. Moreover, with the advances in technology, illustrators are now into 3D modelling, animation, and video making. Earth's History. All the processes that have been discussed require long periods of time to create a noticeable change on Earth's surface. You can just imagine how long it would take to create an oceanas vast as the Pacific Ocean if the ocean floor moves only at about 10 cm/year. It is then important to know the history of Earth to learn the complexities of its past and be able to use it to understand the present. Just like learning the history of a country that requires one to read a lot of books, learning the history of Earth involves studying a lot of rocks. Rocks, especially sedimentary rocks, contain a lot of information about Earth's past. It holds the key to most of the geologic processes that happened on Earth and the key to uncovering how life on Earth evolved. But these discoveries are worthless if there is no time perspective. Thus, one of the most important contributions of geologists to mankind is the geologic time scale, which holds a history that is exceedingly long.Lesson 1: Continental Drift Theory and the Evidences that support the Theory Continental drift describes one of the earliest ways geologists thought continents moved over time. Today, the theory of continental drift has been replaced by the science of plate tectonics.  The theory of continental drift is most associated with the scientist Alfred Wegener. In the early 20th century, Wegener published a paper explaining his theory that the continental landmasses were “drifting” across the Earth, sometimes plowing through oceans and into each other. He called this movement continental drift.  Pangaea  Wegener was convinced that all of Earth’s continents were once part of an enormous, single landmass called Pangaea.  Wegener, trained as an astronomer, used biology, botany, and geology describe Pangaea and continental drift. For example, fossils of the ancient reptile mesosaurus are only found in southern Africa and South America. Mesosaurus, a freshwater reptile only one meter (3.3 feet) long, could not have swum the Atlantic Ocean. The presence of mesosaurus suggests a single habitat with many lakes and rivers.  Wegener also studied plant fossils from the frigid Arctic Archipelago of Svalbard, Norway. These plants were not the hardy specimens adapted to survive in the Arctic climate. These fossils were of tropical plants, which are adapted to a much warmer, more humid environment. The presence of these fossils suggests Svalbard once had a tropical climate.  Finally, Wegener studied the stratigraphy of different rocks and mountain ranges. The east coast of South America and the west coast of Africa seem to fit together like pieces of a jigsaw puzzle, and Wegener discovered their rock layers “fit” just as clearly. South America and Africa were not the only continents with similar geology. Wegener discovered that the Appalachian Mountains of the eastern United States, for instance, were geologically related to the Caledonian Mountains of Scotland.  Pangaea existed about 240 million years ago. By about 200 million years ago, this supercontinent began breaking up. Over millions of years, Pangaea separated into pieces that moved away from one another. These pieces slowly assumed their positions as the continent we recognize today.  Today, scientists think that several supercontinents like Pangaea have formed and broken up over the course of the Earth’s lifespan. These include Pannotia, which formed about 600 million years ago, and Rodinia, which existed more than a billion years ago.  Tectonic Activity  Scientists did not accept Wegener’s theory of continental drift. One of the elements lacking in the theory was the mechanism for how it works—why did the continents drift and what patterns did they follow? Wegener suggested that perhaps the rotation of the Earth caused the continents to shift towards and apart from each other. (It doesn't.)  Today, we know that the continents rest on massive slabs of rock called tectonic plates. The plates are always moving and interacting in a process called plate tectonics.  The continents are still moving today. Some of the most dynamic sites of tectonic activity are seafloor spreading zones and giant rift valleys.  In the process of seafloor spreading, molten rock rises from within the Earth and adds new seafloor (oceanic crust) to the edges of the old. Seafloor spreading is most dynamic along giant underwater mountain ranges known as mid-ocean ridges. As the seafloor grows wider, the continents on opposite sides of the ridge move away from each other. The North American and Eurasian tectonic plates, for example, are separated by the Mid-Atlantic Ridge. The two continents are moving away from each other at the rate of about 2.5 centimeters (1 inch) per year.  Rift valleys are sites where a continental landmass is ripping itself apart. Africa, for example, will eventually split along the Great Rift Valley system. What is now a single continent will emerge as two—one on the African plate and the other on the smaller Somali plate. The new Somali continent will be mostly oceanic, with the Horn of Africa and Madagascar its largest landmasses.  The processes of seafloor spreading, rift valley formation, and subduction (where heavier tectonic plates sink beneath lighter ones) were not well-established until the 1960s. These processes were the main geologic forces behind what Wegener recognized as continental drift.