Demand Flashcards
1
Q
What is Demand?
A
A demand is a desire backed by the ability to pay otherwise it is a want.
2
Q
What is the definition of a demand?
A
A 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
3
Q
What is willing and able?
A
Willing is you want to have it and able you have the money to purchase it. Willing is a want.
Willing + Able is a demand
4
Q
What is a definition of a demand schedule?
A
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.
