Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
What is Demand? Movin on up to Microeconomics Let’s Get the Definitions Out of the Way Demand- the desire, willingness, and ability to buy a product Microeconomics- Area of economics that deals with behaviors and decisions made by individuals or small firms Demand schedule- Chart showing prices and quantity demanded (page 90) Demand Curve- Same info shown in graph form Law of Demand This along with the Law of Supply are the two most important laws in all of economics States that the quantity demanded varies inversely with it’s price As price goes up,demand goes down As price drops, demand goes up Market Demand Curves Shows the quantities demanded by everyone who is interested in that product More important when looking at what price an item should be Marginal Utility The extra satisfaction a person gets by acquiring one more unit of a product As you buy more of a product, your satisfaction will decline This is the law of diminishing marginal utility