Demand - The willingness and ability to purchase a good or service at a given price in a given time period., The law of demand - For most products the quantity demanded varies inversely with its price., Individual Demand - The demand for a good or service by an individual consumer., Market Demand - The total demand for a good or service, found by adding together all individual demands., Elastic demand - When the percentage change in quantity demanded is greater than the percentage changes in price., Inelastic demand - When the percentage change in quantity demanded is less than the percentage change in price., Price elasticity of demand (PED) - The responsiveness of quantity demanded to a change in the price of the product.,

NCFE - Price Elasticity of Demand

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