What Is Demand

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Main Idea

Demand is a willingness to buy a product at a particular price.

Reading Strategy

Graphic Organizer As you read this section, use a web diagram similar to the one below to note characteristics of demand.

Characteristics of demand

Characteristics of demand

Key Terms demand, microeconomics, demand schedule, demand curve, Law of Demand, market demand curve, marginal utility, diminishing marginal utility

Objectives

After studying this section, you will be able to:

1. Describe and illustrate the concept of demand.

2. Explain how demand and utility are related.

Applying Economic Concepts

Demand You express your demand for a product when you are willing and able to purchase it. Read to find out how demand is measured.

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