Ch3 - the demand curve

• Demand

  The amount of goods or services that consumers are willing and able to buy at a given price
• Price


  Quantity demanded
• When price goes up


  Quantity demanded will fall
• When price goes down


  Quantity demanded will rise
• If the price of a good changes

  There is a movement along the demand curve
• Shift in the demand curve

  Movement to the left or right of the entire demand curve when there is a change in any factor affecting demand (except the price)
• Demand curve

  • downward sloping (the curve slopes down from left to right)