Demand Concepts
Flashcard
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Other
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12th Grade
•
Hard
Noorah 84441/TCHR/MGB
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3 questions
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1.
FLASHCARD QUESTION
Front
Define demand
Back
Demand is the ability and willingness to buy a product at a given price.
2.
FLASHCARD QUESTION
Front
What is the law of demand?
Back
It states that price and quantity demanded have a direct relationship, keeping all other factors constant.
3.
FLASHCARD QUESTION
Front
Difference between market demand and individual demand
Back
Market demand is the total demand of a product in a market, while individual demand is the individual person's ability and willingness to buy a product at a given price.
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