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4-1 vocabulary jw

QuestionAnswer
The willingness to buy a good or service and the ability to pay for it. Demand
States that when prices go down, quantity demanded increases. When prices go up, quantity demanded decreases. Law of Demand
A listing of how much of an item an individual is willing to purchase at each price. Demand Schedule
A listing of how much of an item all consumers are willing to purchase at each price Market demand Schedule
Graphically shows the data from a demand schedule. Demand Curve
Graphically shows the data from a market demand schedule. Market Demand Curve
"with other things the same" or all other things being equal or held constant" Ceteris Paribus
Created by: joannw15
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