Demand

it CITIZENSHIP AND YOU it

When you buy some tiling, do you ever wonder why it sells at that particular price? Few individual constimers feel they have any influence over the price of an item. In a market economy like ours, however, all consumers individually and collectively have an influence on the price of all goods and services. One way Americans influence prices in the marketplace is through demand. If you are interested in the prices you pay for goods and services, or why some people earn higher salaries than otliers, you will be interested in learning how demand works.

To learn more about demand, view the Economics & You video lesson 5: What Is Demand?

Foldables

Organizing Information Study Foldable Make the following foidabie fo help you organize information about demand in a market economy.

step i Fold a sheet of paper into thirds from top to bottom.

step 2 mm the paper horizontally, unfold, and label the three columns as shown.

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DiSCi p-Hion ¿i Fields

Reading and Writing As you read the chapter, record your thoughts and the information you learn about demand in a market economy in the appropriate columns of your foldable.

Demand—shown by these people waiting 445 to buy tickets—is the willingness to buy ^

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Chapter Overview Visit tho Civics

Today Web site at civ.clencoe.com and click on Chapter Overviews-Chapter 20 lu preview chapter intorrnaticn.

Chapter Overview Visit tho Civics

Today Web site at civ.clencoe.com and click on Chapter Overviews-Chapter 20 lu preview chapter intorrnaticn.

GUIDE TO READING

Main Idea

You express your demand" for a product when you are willing and able to purchase It.

Key Terms demand, demand schedule, demand curve, law of demand, market demand, utility, diminishing marginal utility

Reading Strategy Analyzing Information As you read the section, complete the diagrams below to Illustrate the law of demand.

Priocs Quantity Demanded

Read to Learn

• What does It mean when demand rises or falls?

■ What does the law of demand state?

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