Chapter 7.2, Problem 5R

To determine

To discuss: The difference between demand and quantity demanded.

Explanation of Solution

An economic concept that refers to the desire of a customer to purchase products and services, and the ability to pay a price for a specific product or service is called demand. The service or good's price will reduce the quantity demanded, all else being equal and vice versa. The total quantity needed for a given product on a market by all customers is called market demand.

A concept used in economics to define the total quantity of a product or service requested by customers over a given time period is called quantity demanded. This relies on a marketplace product or service demand, regardless of whether there is market equilibrium. The connection among the demanded quantity and the price is known as the simply demand.

Economics Concept Introduction

Introduction: In economics, demand converts into the demand schedule, i.e. the demand curve, while the demanded quantity is a value on a specific demand curve which correlates to a specific price.