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Learning Objectives

After completing this lesson, you will be able to

  • explain the law of demand
  • explain that a demand curve is a graphical representation of the data in a demand schedule
  • describe the difference between demand and quantity demanded
  • explain why a demand curve shifts to the left or right
  • list the factors that cause a change in demand
  • define complements and substitutes
  • define normal and inferior goods
  • explain how the change in the price of one good can affect the demand for a related good
  • differentiate between movement along a demand curve and a change in demand
  • explain that a change in the price of a good or service causes a change in the quantity demanded of that good or service