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Demand

Econ

TermDefinition
Demand The quantity of a good or service that consumers are willing and able to purchase at different prices in a given time period.
Market A place where buyers and sellers come together to carry out an economic transaction.
Effective Demand Demand for a product backed by the consumer's willingness and financial ability to buy it.
Law of Demand The economic principle stating that as the price of a product falls, the quantity demanded of the product will usually increase, ceteris paribus.
Ceteris Paribus An assumption meaning "all other things being equal," used to isolate the effect of one changing variable while holding all other determinants constant.
Demand Schedule A table showing the quantities of a product that consumers are willing and able to buy at various prices over a given time period.
Created by: saray.diaz259
 

 



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