Define demand and the Explain the link
law of demand utility and price
1.2.2 - Draw a demand curve
Explain the diff
between a mov
Demand
along a curve a
a curve
Assess the variables that
impact on demand
,Understanding
demand
If the price of a good is high, do we exp
the demand to be high or low?
If the price of a good is low, do we expe
the demand to be high or low?
How might economic theory explain thi
, • Demand = ‘The amount of a good o
service that consumers are willing
able to buy at a given price in a give
period.’
Definition • Ceteris Paribus = ‘other things bein
equal.’
• Helpful to see the impact of a
change in one variable only, e.g
price
law of demand utility and price
1.2.2 - Draw a demand curve
Explain the diff
between a mov
Demand
along a curve a
a curve
Assess the variables that
impact on demand
,Understanding
demand
If the price of a good is high, do we exp
the demand to be high or low?
If the price of a good is low, do we expe
the demand to be high or low?
How might economic theory explain thi
, • Demand = ‘The amount of a good o
service that consumers are willing
able to buy at a given price in a give
period.’
Definition • Ceteris Paribus = ‘other things bein
equal.’
• Helpful to see the impact of a
change in one variable only, e.g
price
