Demand

Question 1

What is demand

Answer 1

A demand is the 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 survice that consumers are both willing and able to buy at any given price over a period of time

Question 3

What is willing and able

Answer 3

Willing you want to buy it

Able you have the means to buy it

Question 4

What is a demand schedule

Answer 4

A table of that sets out the quantity of a good 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 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

states that an increase in the price of a good or survice will result in a decrease in the quantity demanded or vice versa assuming Ceteris Paribus

Question 7

What is ceteris paribus

Answer 7

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