The Demand Curve

Question 1

what is demand?

Answer 1

Demand is the amount of a good that will be bought at given prices over a period of time.

Question 2

what is a demand curve?

Answer 2

line drawn on a graph that shoes how much of a good will be bought at different prices

Question 3

what is a demand schedule?

Answer 3

table of the quantity demanded of a good at different price levels

Question 4

what is effect demand?

Answer 4

amount of goods people are willing to buy at given prices over a given period time supported by the ability to pay

Question 5

what is a shift in the demand curve?

Answer 5

movement to the left or right of the entire demand curve when there is a change in any factor affecting demand except the price eg income

Question 6

what is inverse relationship mean?

Answer 6

(between price and quantity demanded) when price goes up the quantity demanded falls and when price goes down the quantity demanded rises

Question 7

causes that may shift the demand curve

Answer 7

price (main factor)
advertising
income
fashion and tastes
price of subsitutes
price of complements
demographic changes

Question 8

supply

Answer 8

amount that producers are willing to offer for sale at different prices in a given period of time

Question 9

supply curive

Answer 9

line drawn on a graph which shoes how much of a good sellers are welling to supply at different prices