demand

Question 1

what does demand mean?

Answer 1

Demand is the willingness and ability of consumers to buy a product at a given price level.
basically, it is the desire for consumers to buy a certain good or service/product.

Question 2

what does ceteris paribus mean

Answer 2

‘other things being equal’
‘all things unchanged’
‘constant’

Question 3

what are the 5 non-price determinants of demand that shift the demand curve completely.

Answer 3

Income
Price of Related Goods
Tastes and Preferences
Future Price Expectations
Number of Consumers

Question 4

what is the change in quantity demanded caused by?

Answer 4

the change in price, along the demand curve.

Question 5

what is the change in demand caused by?

Answer 5

5 shifters/non-price determinants of demand.

Question 6

what is utility demand?

Answer 6

usefulness and/or enjoyment a consumer can get from a good or service. One thing being more useful than the other. When your utility is higher, you think you will get more satisfaction and happiness from that product. Thus, your are willing to pay more for the product.

Question 7

what is willingness in demand?

Answer 7

willing to purchase a product, the want to consume a product.

Question 8

what is ability in demand?

Answer 8

the idea of being able to purchase a product.

Question 9

what is the law of demand?

Answer 9

The Law of Demand tells us that “as the price of a product falls, the quantity demanded will increase ceteris paribus”.
The law of demand assumes that the other factors affecting the demand of a commodity remain the same.

Question 10

what is the law of demand curve?

Answer 10

when the price is high, the quantity demanded will be low and vise versa.