Demand. Desire, ability and willingness to buy a product. Demand Schedule. List that shows the quantity demanded at all prices that prevail in the market at any given time. Demand Curve. Graphic representation of demand schedule. Law of Demand. Relationship of demand and price
Small change in price causes a relatively large change in the quantity of demand.
Change in price causes a relatively smaller change in quantity demanded.Elastic vs. Inelastic