Demand Flashcards
What is a demand schedule?
A table that sets out the quantity of a good or service that a consumer is willing and able to buy at any given range of prices within a given time frame.
What is demand?
Demand is the desire backed with the ability to pay.
What is the law of demand?
States that 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.
What is Ceteris Paribus?
The term that all factors (apart from one) remain the same.
What is the definition of demand?
Demand is the quantity of a good or service that consumers are both willing and able to buy at any given range of prices over a period of time.
What is willing and able?
Willing - You want to buy it.
Able - You have the means (money) to buy it.
You must do both for demand to occur.
What is a demand curve?
A graph that sets out the quantity of a good or service that a consumer is willing and able to buy at any given range of prices within a given time frame.
