Elementary Theory of Demand
ICSE · Class 10 · Economics
Flashcards for Elementary Theory of Demand — ICSE Class 10 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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See them allWhat is demand in economics?
Answer
Demand means effective desire for a commodity, backed by the ability to pay and the willingness to pay. It is not just a wish. A person must want the good, be able to buy it, and be willing to spend m…
What three conditions are required for demand to exist?
Answer
Demand requires three conditions: desire for the commodity, capacity or ability to pay, and willingness to pay the price. If any one of these is missing, demand does not exist in economics.
How is demand different from quantity demanded?
Answer
Demand refers to different quantities of a good demanded at different prices during a given period of time. Quantity demanded means the specific amount bought at one particular price at one particular…
What is a demand schedule?
Answer
A demand schedule is a table showing quantities of a commodity demanded at different prices during a given time period. It helps show the relation between price and demand in a simple tabular form.
What is a demand curve?
Answer
A demand curve is a graph that shows the relation between the price of a commodity and the amount of that commodity the consumer wishes to purchase. It is a locus of points showing various alternative…
Why does the demand curve usually slope downward from left to right?
Answer
The demand curve slopes downward because price and quantity demanded have an inverse relationship, other factors remaining constant. When price falls, quantity demanded rises. When price rises, quanti…
State the law of demand.
Answer
The law of demand states that other things being equal, price and quantity demanded of any good or service are inversely related to each other. When the price of a good increases, the demand for the s…
What did Marshall say about the law of demand?
Answer
Marshall said: "The amount demanded increases with a fall in price and diminishes with a rise in price." This statement expresses the inverse relation between price and demand.
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