Intro to demand

A want is ...

• something you would like to have

• something you own

• something you use

• something you will buy

The difference between demand and want is...

• There is no difference!!

• A want is a willingness to buy but you lack the money, demand you have both the willingness and the money

• Demand is done by consumers but wanting is done by producers

All choices result in an opportunity cost

• FALSE

• TRUE

Values are

• money

• principles

• emotions

• prices

When we have two values that do not align (match) one another, we call this a..

• conflict

• compromise

• cooperation

• consequence

Developing an choice that involves elements (parts) of two other decisions to resolve a conflict is a..

• conflict

• compromise

• cooperation

• consequence

Developing a choice that involves elements (parts) of two other decisions to resolve a conflicts a ..

• conflict

• compromise

• cooperation

• consequence

Something that happens as a result of our choice is a .....

• conflict

• compromise

• cooperation

• consequence

Individual demand shows the quanitities that....

• that will be demanded at a range of prices by ONE consumer

• that will be demanded at a ONE prices by ONE consumer

• that will be demanded at a ALL prices by ONE consumer

• that will be demanded at a range of prices by ONE group of consumers

A demand schedule ...

• shows demand in a graph

• shows demand in a picture

• shows demand in a story

• shows demand in a table