Demand

Question 1

What is Demand?

Answer 1

Demand is a desire backed with the ability to pay. Otherwise it is a want.

Question 2

Definition of Demand?

Answer 2

Demand is the quantity of a good or service that consumers are both willing and able to buy at any given price over a period of time.

Question 3

What is willing and able mean?

Answer 3

Willing is - you want to have it, and able is - you have the money to purchase it and you will use your money to purchase it. (willing is a want) (willing + able is a demand)

Question 4

What is the Definition of a Demand Schedule?

Answer 4

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 range of prices within a given time frame.

Question 5

Define the Law of Demand?

Answer 5

An increase in the price of a good or service will result in a decrease in the quantity demanded

Question 6

What is the Definition of Ceteris Paribus

Answer 6

All other factors apart from one stay the same.

Question 7

What is a Demand Curve?

Answer 7

A graph showing the quantity of a good or service that consumers are both willing and able to buy at any given price over a certain period of time.