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CH. 6, Sec. 1 DEMAND Microeconomics involves the small parts of the total economy—the choices we make as individuals. Demand = the quantities of a good that consumers are willing and able to purchase at various prices during a given period of time. 1) Demand includes: Must be able to make a purchase—have to have the $ 2)Must be willing to purchase— you’ve got to want it 3) Purchases made during a given time period—weekly demand for candy bars 4) Quantities consumers would purchase at various prices—is the price right? Demand Schedule = a listing of the quantities that would be purchased at various prices --you see the numbers only—not a graph (EX: on overhead) Demand Curve = a graphic illustration of the relationship between price (P) and quantity demanded (QD) at each price. (EX. On overhead)