Concept 2 : Demand

Question 1

What is demand?

Answer 1

The willingness & ability to buy a product

Question 2

What are the 2 features of demand that equal total demand?

Answer 2

Individual & Market

Question 3

Price and Demand have what kind of relationship?

Answer 3

Negative

Question 4

Describe the negative relationship between price and demand?

Answer 4

When the price goes up, demand goes down (and vice- versa)

Question 5

When analysing and discussing a demand curve, we talk about the a. shift in demand b. movement along the curve. What do these features mean?

Answer 5

a. The conditions that affect the demand if a product

b. The change in price affects the demand of a product

Question 6

What are the four general conditions that cause a change in demand?

Answer 6

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