Transcript CH. 6, Sec. 1 DEMAND

CH. 6, Sec. 1 DEMAND
 Microeconomics
involves the small
parts of the total economy—the
choices we make as individuals.
 Demand = the quantities of a
good that consumers are willing
and able to purchase at various
prices during a given period of
time.

1)
Demand includes:
Must be able to make a
purchase—have to have the $
2)Must be willing to purchase—
you’ve got to want it
3) Purchases made during a given
time period—weekly demand for
candy bars
4) Quantities consumers would
purchase at various prices—is the
price right?
 Demand
Schedule = a listing of
the quantities that would be
purchased at various prices
--you see the numbers only—not a
graph
(EX: on overhead)
 Demand
Curve = a graphic
illustration of the relationship
between price (P) and quantity
demanded (QD) at each price.
(EX. On overhead)