Law of Demand
Competitive Market
Quantity demanded
Demand curve
Change in demand
Supply and Demand Model
Substitutes
Complements
Normal good
Demand Schedule
shows how much of a good or service consumers will be willing and able to buy at different prices.
a graphical representation of the demand schedule. It shows the relationship between quantity demanded and price.
a model of how a competitive market works
A market in which there are many buyers and sellers of the same good or service, none of whom can influence the price at which the good or service is sold.
the actual amount of a good or serviced consumers are willing to buy at some specific price point.
a shift of the demand curve, which changes the quantity demanded at any given price
a higher price for a good or service, all other things being equal, leads people to demand a smaller quantity of that good or service.
if a rise in the price of one of the goods leads to a decrease in the demand for the other good
if a rise in the price of one of the goods leads to an increase in the demand for the other good
when a rise in income increases the demand for a good
