demand

Question 1

what is demand

Answer 1

demand is a desire backed by the ability to pay

Question 2

what is the definition of demand

Answer 2

the quantity of good or survives that consumers are both willing and able to buy at any given range of prices or a period of time

Question 3

what is willing and able

Answer 3

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

Question 4

a demand schedule

Answer 4

A table that sets out the quantity of a good or services that a consumer is willing and able to but at a rang 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 services that a consumer is willing and able to but at a rang 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 services will result in a decrease in the quants demand 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