1. Demand
Major Key Alert

2. Vocabulary for chapter 3
Law of Demand
Demand Schedule
Demand Curve
Market Demand Curve
Marginal Utility
Diminishing Marginal Utility

3. Law of Demand
The quantity demanded varies inversely with its price

4. Demand Schedule
The demand schedule shows the various quantities demanded of a particular product at all prices that might prevail in the market at a given time

5. Demand Curve
Graph showing the quantity demanded at each and every price that might prevail in the market

6. Lets apply the law of Demand
How many of you would pay $15 for a burger? How about $3 a month?

7. Factors affecting demand
Chapter 4 Demand
Factors affecting demand

8. Market Demand Curve
Total Demand for the entire market.

9. Change in quantity demanded
There Only thing that change market demand curve or schedule is
Complements
Expectations
Number of Consumers
Substitutes
Consumer Tastes
Consumer income

10. Substitutes
Products that can be used in place of another product

11. Consumer Income
Consumer income can cause a change in demand, an increase in income means that people can buy more and a decrease in income means people can afford less

12. Complements
The use of one leads to the use of the other

13. Consumer Taste
Advertising, Trends, Rumors, Consumers concerns all affect market demand

14. The way people think about the future
Expectations
The way people think about the future

15. Market Demand curve can also change if with the number of consumers

16. Chapter 4 Demand
Elasticity