Theme 1 - Demand And Supply

Question 1

Demand

Answer 1

The quantity of a good or service that consumers are willing and are able to buy at any possible price in a given time period

Question 2

The demand curve

Answer 2

The total quantity of all sales made at different prices, in other words, it is the adding together of everyone’s individual demand who would buy that product

Question 3

A market

Answer 3

Any place where buyers and sellers meet to exchange goods and services. A market does not have to be a physical place - e.g. many transactions take place via the internet