Demands Flashcards
What is demand?
Demand is a desire backed by the ability to pay. Otherwise it’s a want.
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 does willing and able mean?
Willing is you want to have it and able- you have the money to purchase it. You will use the money to purchase it. Willing is a want willing+able is a demand.
What is the definition of a demand schedule?
A table that sets out 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 the definition of Law of Demand?
An increase i the price of a good or service will result in a decrease in the quantity demanded or vice versa assuming Ceteris Paribus.
What is the definition of Ceteris Paribus?
All other factors apart from one stay the same
What is a Demand Curve?
A graph showing the quantity of a good or service that a consumer is both willing and able to buy at any given price over a certain period of time.
