Demand Mr. Nunn. Demand The willingness and ability of buyers to purchase different quantities of a good at different prices during a specific time period.

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Presentation transcript:

Demand Mr. Nunn

Demand The willingness and ability of buyers to purchase different quantities of a good at different prices during a specific time period.

Law of Demand A law stating that as the price of a good increases, the quantity demanded of the good decreases, and that as the price of a good decreases, the quantity demanded of the good increases.

Law of Diminishing Marginal Utility A law stating that as a person consumes additional units of a good, eventually the utility gained from each additional unit of the good decreases.

Quantity Demand The number of units of a good purchased at a specific price.

Demand Schedule The numerical representation of the law of demand. PriceQuantity demanded

Demand Curve The graphical representation of the law of demand.

Market Demand Curve