demand

Question 1

What is demand

Answer 1

a demand is a desire backed by the ability to pay

Question 2

what is the definition of demand

Answer 2

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

Question 3

What is willing and able

Answer 3

willing = you want to buy it
and
able = you have the means(money) to buy it
you must have both for demand to occur

Question 4

What is a demand schedule

Answer 4

a table of 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

what is a demand curve

Answer 5

a graph of 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 6

what is the law of demand

Answer 6

state that an increase in the price of a good or service will result in a decrease in the quantity demanded or vice versa assuming ceteris parlous

Question 7

what is ceteris paridus

Answer 7

the term that all factors ( apart from one ) remain the same