gcse economics - demand and supply - demand
Definition
The amount that an individual or individuals are willing to buy at any given price.
Effective Demand
This means that people actually have the money to make the purchases e.g. we could all claim to demand a porsche at £40,000. But, how many of us actually have that amount of money?
DEMAND AND PRICE
For virtually all products demand increases as price falls and vice versa
Demand for Mars Bars in a school:
Price |
Quantity Demanded |
£0.20 |
400 |
£0.25 |
350 |
£0.30 |
300 |
£0.35 |
250 |
£0.40 |
200 |
£0.45 |
150 |
£0.50 |
100 |
DEMAND CURVE
This shows the relationship between demand and price.
ACTION
A Explain the reasons for the shape of the demand curve
These GCSE Economics revision notes have been kindly provided by Peter Davies of Mill Hill School, Ripley Keep Up-todate with your GCSE Economics - Subscribe Free to Economics in the News by Email
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