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Learn the law of demand in macroeconomics with Khan Academy's comprehensive video.
What Is Demand? Demand is an economic concept that relates to a consumer's desire to purchase goods and services and willingness to pay a specific price for them.
Demand is the quantity of a good that consumers are willing and able to purchase at various prices at a given time. This example assumes that product...
Define the quantity demanded of a good or service and illustrate it using a demand schedule and a demand curve. Distinguish between the following pairs of concepts: demand and quantity demanded, demand schedule and demand curve, movement along and shift in a demand curve.
The law of demand is a fundamental principle of economics that states that at a higher price, consumers will demand a lower quantity of a good.
Learn about the law of demand and how it affects consumer behavior.
In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time. [1][2] In economics "demand" for a commodity is not the same thing as "desire" for it. It refers to both the desire to purchase and the ability to pay for a commodity. [2]
Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants—a consumer may be able to differentiate between a need and a want, but from an economist’s perspective, they are the same thing. Demand is also based on ability to pay.
This free textbook is an OpenStax resource written to increase student access to high-quality, peer-reviewed learning materials.
Define the quantity demanded of a good or service and illustrate it using a demand schedule and a demand curve. Distinguish between the following pairs of concepts: demand and quantity demanded, demand schedule and demand curve, movement along and shift in a demand curve.