Demand Flashcards
What Is Demand?
A demand is a desire backed by 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 given price over a period of time.
What Is Willing And Able?
Willing - You want to buy it.
Able - You have the means ( money ) to buy it.
You must have both for demand to occur.
What Is A Demand Schedule?
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.
What Is A Demand Curve?
A graph 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.
What Is The Law Of Demand?
It states 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 Paribus.
What Is Ceteris Paribus?
The term that all factors ( apart from one ) remain the same.
