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