DemandMr. Nunn

DemandThe willingness and ability of buyers to purchase different quantities of a good at different prices during a specific time period.

Law of DemandA law stating that as the

price of a good increases, the quantity demanded of the good decreases, and that as the price of a good decreases, the quantity demanded of the good increases.

Law of Diminishing Marginal Utility

A law stating that as a person consumes additional units of a good, eventually the utility gained from each additional unit of the good decreases.

Quantity DemandThe number of units of a good

purchased at a specific price.

Demand ScheduleThe numerical representation of the

law of demand.

Price Quantity demanded

5 1

4 2

3 3

2 4

1 5

Demand CurveThe

graphical representation of the law of demand.

Market Demand Curve