| A | B |
|---|
| Demand | the desire, ability, and willingness to buy a product. It is how much buyers are willing and able to purchase at a serious or those prices. |
| What is QD? | Quantity demand is how much buyers are willing to buy at one particular price. It is one point on the schedule or curve. |
| You must be | able to make a purchase |
| You must be | willing to make a purchase |
| Purchases made during | a given time period |
| Quantities you are willing to | purchase at various prices |
| tHE LAW OF DEMAND | states that the quantity demanded of a good will be greater at lower prices than will be demanded at higher prices as long as other influences remain constant |
| There are two reasons why you have a downward sloping of demand. | opportunity cost and diminishing marginal utility |
| Demand changes when | one of the determinants (timer factors) is changing within the market. |
| T= | taste; popularity or usefulness |
| I= | income; for normal goods demand increase as income increases; for inferior goods, as income , demand decreases. The opposite is also true. |
| M= | Market size; number of buyers |
| E= | Expectation for price |
| R= | Related goods; complements and substitutes |
