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., Movement along the demand curve, When the price changes, leading to a movement up and down the existing demand curve., Shift of the demand curve:, A complete movement of the existing demand curve either outward (to the right) or inward (to the left)., Subsidy, An amount of money the government gives directly to firms to encourage production and consumption., Tax, A compulsory payment to the government., 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.
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Demand GCSE OCR
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Cwalters1927
KS4
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