Demand refers to the quantity of a product that consumers are willing and able to purchase at different prices over a period of time. The quantity demanded of a product decreases when the price increases and increases when the price decreases, following the law of demand. Factors that can shift the demand curve include income, prices of related goods, tastes, expectations, number of buyers, and taxes or subsidies. These shift factors cause the entire demand curve to move up or down, changing the quantity demanded at each price level.

2. What is DEMAND ?

3. * Demand is the amount of a product that
people are willing and able to purchase at each
possible price during a given period of time.
* The quantity demand is the amount of a
product that people are willing and able to
purchase at one, specific price.

4. Law of demand – there is an inverse
relationship between price and quantity
demanded.
* Quantity demanded rises as price falls, other
things constant.
*Quantity demanded falls as prices rise, other
things constant.

5. Income
Tastes
Number of buyers
Prices of related goods Expectations

6. • Shift factors of demand are factors that
cause shifts in the demand curve:
• Society's income.
• The prices of other goods.
• Tastes.
• Expectations.
• Number of Buyers
• Taxes on subsidies to consumers.

7. *An increase in income will increase demand for normal
goods.
*An increase in income will decrease demand for inferior
goods.

8. *When the price of a substitute good falls,
demand falls for the good whose price has not
changed.
*When the price of a complement good falls,
demand rises for the good whose price has not
changed.

9. * A change in taste will change demand with
no change in price.

10. *If you expect your income to rise, you may
consume more now.
*If you expect prices to fall in the future, you
may put off purchases today.