demand Flashcards
1
Q
demand
A
demand refers to the quantity of a good or service that consumers are willing and able to buy at given prices in a particular time period. and economists are concerned with effective demand-desire for a product backed up by the ability to pay rather than an unfulfilled want.
2
Q
law of demand
A
inverse relationship between price and quantity demanded. Inverse relationship means a rise in price leads to a contraction in demand and a decrease in price leads to an extension in demand
3
Q
A
