Unit 4: Supply & Demand DEMAND Chapter 4. Demand: the desire, ability and willingness to buy a product.

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Presentation transcript:

Unit 4: Supply & Demand DEMAND Chapter 4

Demand: the desire, ability and willingness to buy a product.

What is market research? -gathering & evaluating information about customer preferences Survey customers to see how much of an item they would buy at various prices Top 10 Marketing Failures

Demand Schedule: (form of a table) -A listing that shows the quantity demanded at all prices in the market

Demand Curve: (form of a graph) -Tells the quantity that consumers will demand at each and every price Price is always on the vertical axis (y-axis) And Quantity Is always on the horizontal axis (x-axis) Demand curves slope downward

Demand Curve Pt. Price of DVDs Quantity Demanded A$300 B$251 C$202 D$153 E$104 F$55 0 Quantity Price A B C D E F

Quantity Demanded – the amount of a product purchased at a given price ©

Law of Demand: the quantity demanded for an economic product varies inversely with its price As price goes up Quantity demanded goes down P D

As price goes down Quantity demanded goes up P D

© Law of Demand illustrated:

-When the quantity demanded changes, it will cause you to move along the same curve, up/down  We call these “movers” Movement on the Curve

Quantity Price A B C D E F Change in Quantity Demand