Ch3 - the demand curve

    Cards (7)

    • 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)
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