Demand Flashcards
What is demand?
A demand is the desire backed with the ability to pay.
Value attachments affect demand as well as price.
What is the definition of demand?
Demand is the quantity of a good or service that a consumer is both willing and able to buy at any given range of prices over a period of time.
What is willing and able?
Willing = you want to do it able = you have the means (money) to buy it.
You must be both willing and able 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 both willing and able to buy at any given range of prices over a period of time.
What is a demand curve?
A graph that sets out the quantity of a good or service that a consumer is both willing and able to buy at any given range of prices over a period of time.
What is a demand curve?
A graph that sets out the quantity of a good or service that a consumer is both willing and able to buy at any given price over a period of 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 except one remain the same.
