| A | B |
|---|
| Law of Demand | As the price of a good or service goes up (or down), the quantity demanded will go up (or down) |
| Change in quantity demanded | movement along the demand curve, related to change in price |
| Change in demand | shift of the entire demand curve, related to a change in one or more of the determinants of demand |
| Determinants of Demand | tastes and preferences, etc |
| Demand Schedule | chart listing demand at each corresponding price |
| Substitute Good | an alternative good |
| Scarcity | not enough resources to meet demand |
| shortage | not enough production to meet demand |
