Demand Flashcards
What is demand?
Demand is a desire backed with the ability to pay.
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 any time given price over a period of time.
What is willing and able mean?
Willing is you want to have it and able- you have the money to purchase it. You will use the money to purchase it. Willing is a want. Willing and able is a demand.
What is the definition of a demand schedule?
A demeaned schedule is a table that sets out the quantity of a good or service that a consumer is willing to buy at a range of prices within a given time frame.
What is the definition of law and demand?
An increase in the price of a good or service will result in a decrease in the quantity demand or a vice verser assuming Ceteris Paribus.
What is the definition of Ceteris Paribus?
All factors apart from one stay the same.
What is a demand curve?
A graph showing the quantity of a good or a service that consumers are both willing and able to buy at any given price over a certain time period.
