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 demand?
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 mean?
A
Willing is you want to have it and able is you have the money to purchase it. You will use the money to purchase it.
Willing is a want.
Willing + able is a demand.
