LAW OF DEMAND
demand schedule
table that shows the relationship between price and demanded
law of downward-sloping demand
when a product's price rises, the quantity of the product demanded decreases, and when a product's price falls, the quantity of the product demanded increases
demand
willing and able to consume
In two to three sentences, explain the law of downward-sloping demand.
When the price of goods increases then its demand decreases
quantity
amount
You go clothes shopping and find a great pair of jeans. They fit you perfectly, but they also cost $100. You are willing to buy them, but you only have $50 in your wallet to spend on new clothes. The pair of jeans _____ as demand for you. count do not count might count
do not count
demand curve
graph that shows the relationship between price and quantity demanded
The price of gas just increased. This will most likely make people buy _____ gas in the future. less more the same amount of
less
The price of your favorite soft drink just became lower. This means that you are likely to buy __________ of the drink.
more
At a product's lowest price, you would expect people to demand the _____________of that product.
most
You and a friend go clothes shopping and find a great pair of jeans. They fit you perfectly, but they also cost $100. You are willing to buy them, but you only have $50 in your wallet to spend on new clothes. Your friend likes the jeans and has the money to buy them. The jeans would count as a demand for _____. both of you, because you both like the jeans your friend, because he likes the jeans and has the money to buy them you, because you are willing to buy them and they fit you perfectly
your friend, because he likes the jeans and has the money to buy them