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Demand

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The desire to own something and the ability to pay for it.

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Law of Demand

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Explains consumer behavior where people buy more of a good when prices drop, and less when prices go up.

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Demand Schedule

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A table that lists the quantity of a good that will be purchased at different prices.

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Demand Curve

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A graphic representation of a demand schedule.

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Ceteris Paribus

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A Latin term referring to 'all other things held constant.'

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Individual Demand Schedule

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A table that lists the quantity of a good a person will buy at each different price.

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Market Demand Schedule

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A table that lists the quantity of a good all consumers in a market will buy at each different price.

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Population

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Changes in population will affect the demand for most products. Changes could include visitors to a city, location of a business, proximity to highway, etc.

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Income Effect

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The change in consumption resulting from a change in real income.

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Normal Good

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A good that consumers demand more of when their incomes increase.