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Demand general

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Demand general

  1. 1. Demand Ms. Ross
  2. 2. What is demand? <ul><li>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. </li></ul><ul><li>Demand is represented by the entire demand schedule and curve. </li></ul>
  3. 3. What is quantity demanded? <ul><li>The amount of a good or service people are willing and able to buy at a particular price , all other things remaining the same. </li></ul>
  4. 4. What is the law of demand? <ul><li>The relationship between price and quantity demanded is inverse. </li></ul><ul><li>As price goes up, quantity demanded goes down. </li></ul><ul><li>As price goes down, quantity demanded goes up. </li></ul>
  5. 5. Change in Quantity Demanded <ul><li>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. </li></ul><ul><li>Think of the demand curve as a street – you can only move up and down the street when the price changes. </li></ul>

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