Demand: A consumer’s willingness, desire (want), and ability to pay a price to purchase a good or service. The quantity of goods wanted at a certain price.
Law of Demand: When prices are low, more people are going to buy hat good.
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Demand Schedule vs. Demand Curve: The demand schedule is a table which lists the quantity of goods one will buy at a price. The graph showing what is being demanded is the demand curve. Normally it slants down to the right.
- It’s a table verse a graph
- Using the above example, the point on which Bobby’s pizza lands on is a lower quantity demanded then Billy’s Pizza