Demand. What is Demand? The quantity of particular goods or services that the market (or consumer) is willing to buy The quantity of particular goods.

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Presentation transcript:

Demand

What is Demand? The quantity of particular goods or services that the market (or consumer) is willing to buy The quantity of particular goods or services that the market (or consumer) is willing to buy

The Law of Demand When the market demands a high quantity of a good or service, the prices for that good will be high When the market demands a high quantity of a good or service, the prices for that good will be high When the market demands a low quantity, the price will be low When the market demands a low quantity, the price will be low

Factors Affecting Demand

Price of Goods

The Prices of Substitute or Complementary Goods

Consumer Income

Future Expectations about either income or price

Taste or desire for the good or service

The Demand Curve

The Law of Demand The law of demand states that quantity demanded moves in the opposite direction of price (all other things held constant), and this effect is observed in the downward slope of the demand curve. The law of demand states that quantity demanded moves in the opposite direction of price (all other things held constant), and this effect is observed in the downward slope of the demand curve.

Homework Pg #1,2, 4, 5