The amount of goods and services that a buyer is willing and able to buy at a particular price over a given period of time.
Desire
The amount of goods and services that a buyer is only willing but he/she is not able to buy.
Law of demand
The higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded at ceteris paribus.
Ceteris paribus
Holding all other factors constant
Demand schedule
Table showing the different quantities demanded of a good or service that a person is willing & able to buy at various prices over a given period of time.
Demand curve
A graphical representation of a demand schedule showing the relationship betwen the price and quantity demanded of a good or a service. The price and qty dd have an inverse relationship ( price increases as demand reduces and vice versa)
