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Demand - Coggle Diagram
Demand
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Law of Demand
The law of demand states that when the price of a product falls, the quantity demanded of the product increases. When the price of a product rises, the quantity demanded will fall.
Demand Curve
Shifts
Rightward Shift
A rightward shift of the demand curve from D to D1, indicates that consumers demand more of a product at every single price. (Demand has risen).
Leftward shift
A leftward shift of the demand curve from D to D1, indicates that consumers demand less of a product at every single price.(Demand has fallen).
Movements vs Shifts
Movements along the demand curve occur when there is a change in the price of a product. Shifts of the demand curve occur when there is a change in a non-price factor.
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