Demand Flashcards
What is Demand?
Demand is a desire backed by the ability to pay. If you do not pay for it, it is a want.
What is the Definition of Demand?
Demand is the quantity of a good or service that consumers are both willing and able to buy at a given price over a given period of time.
What do Willing and Able mean?
Willing: You want to have it
Able: You have the money to purchase it.
What is the definition of a demand schedule?
A demand schedule is a table that sets out the quantity of a good or service that a consumer is willing and able to buy at a rage of prices within a given time frame.
What is the definition of Law of Demand?
An increase in the price of a good or service will result in a decrease in the quantity demanded or vice versa assuming Ceteris Paribus.
What is the definition of Ceteris Paribus?
All other factors apart from one stay the same.
What is a demand curve?
A graph showing the quantity of a good service that consumers are both willing and able to buy at any given price over a certain period of time.
