🔍Demand refers to the overall buying behavior of consumers for all possible prices.
💰Quantity demanded is the quantity of a good or service that consumers are willing and able to buy at a specific price.
📈Changes in quantity demanded are shown as a movement along the demand curve.
🔄Changes in demand involve shifts of the entire demand curve.
💡Factors such as income, preferences, and expectations can cause shifts in demand.
What is the difference between demand and quantity demanded?
—Demand refers to the overall buying behavior of consumers for all possible prices, while quantity demanded is the quantity of a good or service that consumers are willing and able to buy at a specific price.
How are changes in quantity demanded represented?
—Changes in quantity demanded are shown as a movement along the demand curve.
What causes changes in demand?
—Changes in demand occur when factors such as income, preferences, and expectations influence consumers' purchasing decisions.
What is the ceteris paribus assumption?
—Ceteris paribus is a Latin phrase meaning 'all other things held equal.' Economists use this assumption to focus on the impact of price changes on consumer behavior while holding other factors constant.
How do shifts in the demand curve affect price and quantity demanded?
—If demand for a product increases, the demand curve shifts to the right, resulting in new combinations of prices and quantity demanded. Conversely, if demand decreases, the curve shifts to the left.
00:00Demand refers to the overall buying behavior of consumers for all possible prices.
00:17Quantity demanded is the quantity of a good or service that consumers are willing and able to buy at a specific price.
00:41Changes in quantity demanded are shown as a movement along the demand curve.
01:34Changes in demand involve shifts of the entire demand curve.
01:51Factors such as income, preferences, and expectations can cause shifts in demand.
01:58Ceteris paribus is a Latin phrase meaning 'all other things held equal.'
02:00Changes in demand occur when factors other than price influence consumers' purchasing decisions.
02:05During economic expansion, the quantity demanded tends to increase due to higher disposable incomes.
