Demand

Question 1

What is demand

Answer 1

Demand is a desire backed with the ability to pay, Otherwise it is a want

Question 2

What is the definition of demand

Answer 2

Demand is the quantity of a good or that consumers are both willing and able to buy at any given price over a period of time

Question 3

What is willing and able mean

Answer 3

Willing is you want to have it and - able you have the money to purchase it. You will use the money to purchase it. Willing is a want , Willing and able is a demand

Question 4

what is a definition of a demand schedule

Answer 4

a table that sets out the quantity of a good or service that a consumer is willing and able to buy within a given time frame

Question 5

what is the definition of law of demand

Answer 5

an increase in the price of a good or service will result in a decrease in the quantity demanded or vice versa assuming Ceteris Paribus

Question 6

what is the definition of Ceteris Paribus

Answer 6

all other factors apart from one stay the same

Question 7

what is a demand curve

Answer 7

a graph showing the quantity of a good or service that consumers are both willing and able to buy at any given price over a certain period of time.