Demand

Question 1

Define utility

Answer 1

Usefulness, something useful

Question 2

Define utility is economics

Answer 2

Something different. It is the ability of a good or service to satisfy a human want. It is directly related to the demand for a good or service.
The amount of satisfaction that we get from consuming or owning a particular good pr service

Question 3

What is demand

Answer 3

What consumers are prepared to pay for a good or service

Question 4

What is supply

Answer 4

What producers will supply a good or service for

Question 5

Define quantity demanded

Answer 5

Amount of a good or service that consumers are willing and able to purchase at a specific price

Question 6

Define what the demand for a good or service is

Answer 6

The quantity consumers are willing and able to buy at different price levels within a given period of time

Question 7

Explain the law of demand

Answer 7

When price is high, demand is low

When price is low, demand is high

Question 8

What is the demand curve

Answer 8

A line on a graph that shows the quantity of a good or service that consumers are willing and able to purchase at different prices

Question 9

Explain in which direction the demand curve slopes and why it slopes in this direction

Answer 9

The demand curve slopes downwards from left to right and has a negative gradient(or slope). The negative gradient of the demand curve is a result of the law of demand. It shows how a change in price affects the quantity demanded