Lecture Notes 2-18-10 - Notes Chapter 4 Demand Quantity...

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Notes: 2-18-10 Economics T-Th A. Ordonez Chapter 4 809-195-3K1C 2/18/10 Demand Quantity demanded: The amount of a good or service that buyers are willing and able to purchase. Law of Demand: the law of demand state that, other things equal, the quantity demanded of a good or service falls when the price of the good or service rises. Direct Relationship: is a relationship between two variables in which change in one variable is associated with a change in the other variable in the same direction . Inverse Relationship: is a relationship between two variables in which change in one variable is associated with a change in the other variable in the opposite direction . Demand Curve: a graph that shows the relationship between the price of a good or service and the quantity demanded Graphing: Y axis will always show price X axis will always show quantity Market Demand: Refers to the sum of all individual demands for a particular good or service.
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Lecture Notes 2-18-10 - Notes Chapter 4 Demand Quantity...

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