Supply & Demand The Law of Demand.

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Presentation transcript:

Supply & Demand The Law of Demand

Demand in Economics = Special Meaning Demand does not represent a want It represents all of the goods and services consumers will purchase at various prices.

Demand includes two factors: A willingness to consume And the ability to purchase

The Law of Demand – Part I Price Quantity Demanded

The Law of Demand – Part II Price Quantity Demanded

Utility Util = Hypothetical unit used to measure how much utility a person obtains from consuming a good or service. Utility = The satisfaction or enjoyment a person obtains from consuming a good or service.

________________________________________ Marginal Utility rTotal Utility ________________________________________ rQuantity