Economics-Chapter 4-Demand
How do businesses create a market demand schedule?
Businesses survey customers asking them how many good/service they would be willing to buy at a giving price. Review sales figures to how many good/service were bought at each price.
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Demand schedule show the law of demand in chart form
What is demand?
Desire to have some good/service and the ability to pay for it... without the ability to pay for the good/ service, economist would say that you have no actual demand
What is market research?
Gathering and evaluating of information about customer preference
What is a market demand curve?
Graph showes the data found in the market demand schedule. Displays the data from a market demand schedule. Shows the quantity that all consumer of the market as a whole are willing and able to buy at each price.
What is a demand curve?
Graph that shows how much of good/service an individual will buy @ each price. Displays the data from an individual demand schedule
What type if relationship do price and quantity demanded have?
Inverse or opposite relationships Price falls -buy more Price increases- buy less
What is one of the major influences on demand?
Price.
What is a market demand schedule?
Shows how much of a good/service ALL CONSUMERS are willing and able to buy at each price in a market.
What is the law of demand?
States when the price of a good/service falls, consumer buy more of it. As the price of a good/service increases, consumers buy less of it.
What is a demand schedule?
Table that shows how much of a good/service on individual consumers is wiling and able to purchase at each price in a market.
What does a market demand curve show?
The sum of the information on the individual demand curve of all consumer in a market.
How do you create a demand curve?
Transfer the data from table formate to graph formate