1. 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.

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

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

7. 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”)