CONCEPTS OF DEMAND

What is DEMAND?
- An economic principle that describes a consumer's desire and
willingness to pay a price for a specific good or service.
Individual Demand
- The demand of one individual or firm. It represents the quantity of a
good that a single consumer would buy at a specific price point at a specific
point in time.
Market Demand
-Refers to the total demand of buyers taken together.
-Aggregate quantities of a product demanded by all individual buyers
at a given price over a period of time.
Demand Schedule
-A list showing the quantity of a good that consumers would choose to
purchase at different prices.

Price Quantit
per y
slice demand
of per
pizza week Price Quant Quant Market
A per ity ity Dema
5 18 slice
of
dema
nd
dema
nd
nd

pizza per per

week week
10 10 A B
5 18 20 28
15 8
10 10 16 26
20 5
15 8 10 18

20 5 8 13
LAW of DEMAND

- PRICE, QUANTITY DEMANDED

PRICE, QUANTITY DEMANDED

Pric Quantit
e y
per demand
slice per
of week
pizz A
a
5 18
10 10
15 8
20 5