Demand Definitions

The quantity of a good or service that consumers are willing and able to buy at given prices in a given period of time. For economists, demand is always effective demand

The desire for a good or service backed by an ability to pay

The quantity of a good or service that all the consumers in a market are willing and able to buy at different market prices

A determinant of demand, other than good’s own price, that fixes the position of the demand curve

A rightward shift of the demand curve

A leftward shift of the demand curve

A good for which demand increases as income rises and demand decreases as income falls

A good for which demand decreases as income rises and demand increases as incomes falls

The proportionate responsiveness of a second variable to a change in the first variable

The responsiveness of quantity demanded to a change in price of that good. %change in QD / %change in P

The responsiveness of quantity demanded to a change in income. %change in QD / %change in income

The responsiveness of quantity demanded to a change in price of a different good. %change in QD of good A / %change in price of good B