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2.1 Demand - Coggle Diagram
2.1 Demand
Definitions
Market: A market is a place (physical or virtual) where the buyer & seller of g & s meet and carry out an exchange.
Competitive market: A large number of buyers and sellers act independently, so that no individual seller has any control over the price of the product sold. The price is determined by the market forces of demand and supply.
Individual demand: The various quantities of a good/service a consumer is willing and able to buy at different prices during a period of time, ceteris paribus.
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Law of Demand
The law of demand states that there is an inverse relationship between the price of a good and its quantity demanded over a particular period of time, ceteris paribus.
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