Get premium membership and access revision papers with marking schemes, video lessons and live classes.
  OR
Processing. Please wait.

 Form 3 Business Studies: Demand and supply online lessons

Meaning of demand schedule, curve and the law of demand

 (4m 1s)
1141 Views     SHARE

Download as pdf file

Answer Text:
Demand schedule and demand curve:
-Demand schedule is a table ( a set of data) that shows the quantities of a product that would be bought/ demanded at different price levels over a given period of time.
-Demand schedule is a table that shows the quantities of goods demanded at a particular time .
figdemand21720201114.JPG
The law of demand:
-It states that, the higher the price the lower the demand
and the lower the price the higher the demand.
Market demand curve:
-Is a graphical representation of the market demand schedule.
- it is a graph that shows the quantities demanded at different price levels over a given period of time.
figdemand21720201115.JPG


|