Demand Concepts

Demand Concepts

Assessment

Flashcard

Other

12th Grade

Hard

Created by

Noorah 84441/TCHR/MGB

Used 1+ times

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3 questions

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1.

FLASHCARD QUESTION

Front

Define demand

Back

Demand is the ability and willingness to buy a product at a given price.

2.

FLASHCARD QUESTION

Front

What is the law of demand?

Back

It states that price and quantity demanded have a direct relationship, keeping all other factors constant.

3.

FLASHCARD QUESTION

Front

Difference between market demand and individual demand

Back

Market demand is the total demand of a product in a market, while individual demand is the individual person's ability and willingness to buy a product at a given price.

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