Assignment #1

Second Grading Period

Define
Demand
Is how much (quantity) product is needed by the buyers. The quantity demanded is
the amount of a product people are willing to buy at a certain price. Demand is the
relationship between the quantity of a good or service consumers will purchase and the
price charged for that good.
Schedule of Demand
The demand schedule is a table that shows the quantity of a good that buyers would
purchase at each price. A demand schedule is typically used in conjunction with a supply
schedule showing the quantity of a good that would be supplied to the market at given
price levels.
Demand Curve
If the data from the table of demand schedule is charted, it is known as demand curve.
A graphic representation of the relationship between product price and the quantity of the
product demanded.
Enumerate
Non-price Factors
Income
It is a positive effect on demand. The amount of money or its equivalent received
during a period of time in exchange for labor or services, from the sale of goods or
property, or as profit from financial investments.
Population
The population of a certain area can affect the demand of the goods and services. When
the population increases, the demand for goods and services is also expected to increase.

Taste
Varies with age, gender, situation or need, habit and weather. Companies use the taste
of consumers to sell well. It varies on what they need in the situation or is the product
needed for their age.

Reference
1. Book
Economics: Principles in Action by Steven F. Sheffrin pp81-82
2. Internet
http://www.harpercollege.edu/mhealy/eco212i/lectures/s&d/s&d.htm
Submitted by:
Erico Joseph F. Reyes
IV-STA