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1. Individual Demand
  A. Want vs Demand
  Want : a " want " simply means a desire.
 
  DemandMean :
if we desire for something that we are able to buy, it becomes our " demand " .
 
  Want Want.
 
  B. Individual Demand
 
1.
 
 
Individual demand of a good refers to the quantities a person is willing and able to buy at various possible price s per period of time, other things being constant.
  2. It can be expressed in the form of a demand schedule.
 
 
Price of Good X ($)
Quantity Demanded per Week (units)
5
4
3
2
1
1
2
3
4
5
A demand schedule
 
  3.
A demand schedule can be expressed in the form of a demand curve.
 
 
Demand Curve A demand curve
 
 
4.
 
A demand curve is a download sloping : the lower the price of a good, the higher its quantity demanded.
 
  C. The Inverse Relationship Between Price and QuantityDemanded
 
Quantity DemandedMean : the quantity a person is willing and able to buy at a given price per period of time.
 
  Lower Price
People tend to consume more of a good at a lower price.
 
 
The Law od Demand : a law which states that the lower the price of a good, the greater the quantity one will buy, ceteris paribus.
 
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