Demand (HSC SSCE Economics): Flashcards

Shows relationship between price and quantity consumers will purchase

All other things being equal

Table showing quantity demanded at different price points

As price increases, quantity demanded decreases

Lower prices let consumers buy more with same income

Lower-priced goods become more attractive vs alternatives

Price on vertical axis, quantity demanded on horizontal

Downward from left to right (negative slope)

Price falls → quantity demanded rises → downward movement

Price rises → quantity demanded falls → upward movement