What is demand? More than just want of a good or service. Must have: Desire to buy Ability, capacity to buy Willingness to buy product It is a mix of what.

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Presentation transcript:

What is demand? More than just want of a good or service. Must have: Desire to buy Ability, capacity to buy Willingness to buy product It is a mix of what consumers can and will buy

Why study demand? Essential to workings of market economy Important for sound business planning Interacts with supply to affect prices

What is a demand schedule? Amount demanded at each and every price The Table PriceQuantity demanded

Anne’s Demand for Compact Discs Price Quantity Demanded $

What is the demand curve? Illustrates price-quantity observations in a graph Curve always slopes down- Why? P Q D

What does the graph represent? What does the curve look like? Why is the curve sloping downward? What kind of relationship is this? What is this relationship called? Which picture of demand is easier to understand, the table or the graph ?

What is the law of demand? As price goes up, quantity demanded goes down P Q As price goes down, quantity demanded goes up P Q This is known as an inverse relationship