1.2.2 Demand

• Demand is the quantity of a good that consumers are willing and able to buy at fixed price in a given period of time.
• Lower prices will increase demand
• Movements along the demand curve are only caused by a change in price.
• Expansion of demand - when the price of a good or service increases, demand for it increases

  Contraction of demand - when the quality demanded falls due to a price rise.