1. CHAPTER 4 DEMAND

2. What is this stuff? Desire, ability, and willingness to buy a product
Microeconomic Concept
Microeconomics- Economics dealing with small units such as individual firms

3. Law of Demand Quantity Demanded goes up as price goes down
Quantity Demanded goes down as price goes up

4. Demand Schedule
Chart that shows various quantities demanded at all prices at a given time

5. CREATE IN NOTES Demand Schedule with the following information Car
Prices: $10,000,$15,000, $17,000 $20,000, $22,000 $25,000
Quantities: 22, 19, 75, 35, 40, 25
Make sure to follow Law of Demand

6. Demand Curve A graph showing the quantity demanded at each price
Drawn downward and to the right
Labeled “D”

7. CREATE IN NOTES A demand curve using the previous demand schedule
Remember: Title, all labels

8. Extra satisfaction from acquiring one extra unit of a product
Marginal Utility
Extra satisfaction from acquiring one extra unit of a product

9. Diminishing Marginal Utility
Have too many of something and the satisfaction starts to disappear