Law of Demand The quantity demanded of a good or service varies inversely with its price Or, in plain English, people want to buy less of something when the price goes up, and more of it when the price goes down.

Quantity Demanded The amount of a good or service that people will buy at a given price

Demand Schedule Basically, a T-Chart comparing quantity demanded and price Price Quantity Demanded

Change in Quantity Demanded One Important Note Change in Quantity Demanded Shift In Demand This can only happen when there is a change in price Represents a move along the curve The curve itself doesn’t move CANNOT be caused by a change in price The entire curve will shift (move) It will either increase (“shift right”) or decrease (“shift left”)