Section 1
Demand
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Version 3
By Boundless
By Boundless
Boundless Economics
Economics
by Boundless
5 concepts
![Thumbnail](../../../../../../figures.boundless-cdn.com/20245/raw/supply-and-demand.jpg)
The Law of Demand
In general, the law of demand states that the quantity demanded and the price of a good or service is inversely related, other things remaining constant.
![Thumbnail](../../../../../../figures.boundless-cdn.com/20178/square/demand-curve.jpg)
Demand Schedules and Demand Curves
A demand curve depicts the price and quantity combinations listed in a demand schedule.
![Thumbnail](../../../../../../figures.boundless-cdn.com/20243/raw/supply-and-demand.jpg)
Market Demand
Market demand is the summation of the individual quantities that consumers are willing to purchase at a given price.
![Thumbnail](../../../../../../figures.boundless-cdn.com/20059/raw/surplus-from-price-floor.jpg)
Ceteris Paribus
Ceteris paribus is defined as "all else being equal," or "holding all else constant".
![Thumbnail](../../../../../../figures.boundless-cdn.com/20141/raw/supply-and-demand.jpg)
Changes in Demand and Shifts in the Demand Curve
Demand is the relationship between the willingness to purchase a quantity of a good or service at a specific price.