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Transcript

  • 1. Demand Ms. Ross
  • 2. What is demand?
    • The amount of a good or service people are willing and able to buy at various prices in a given time period, all other things remaining the same.
    • Demand is represented by the entire demand schedule and curve.
  • 3. What is quantity demanded?
    • The amount of a good or service people are willing and able to buy at a particular price , all other things remaining the same.
  • 4. What is the law of demand?
    • The relationship between price and quantity demanded is inverse.
    • As price goes up, quantity demanded goes down.
    • As price goes down, quantity demanded goes up.
  • 5. Change in Quantity Demanded
    • A change in quantity demanded indicates a movement along the curve. The only thing that has changed is the price of the good or service.
    • Think of the demand curve as a street – you can only move up and down the street when the price changes.