1. Demand Prices within our economy are set by supply and demand.
Demand refers to the desire to obtain a product or service.
In order for there to be a demand there must be three things
Consumers must want the good or service
Consumers must be willing to buy the good or service
Consumer must have the resource to obtain the good or service

2. Demand Two types of demand: Five factors affecting demand:
Market demand
Individual demand
Five factors affecting demand:
Change in the number of consumers
Change in consumer income
Change in consumer expectations
Change in consumer taste
Change in complements