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2.2 Revision Poster, image, image, image, image - Coggle Diagram
2.2 Revision Poster
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Meaning of Demand
Demand is the quantity of a good or service consumers are willing and able to buy at a given price in a given time.
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The law of demand is that for most goods and services the quantity demand varies inversely with price.
The relationship between price and demand is as price increases, demand falls. And that as price falls, demand increases.
The Categories of Demand
Market Demand - the total demand for a good or service, it can be found by adding the individual demands together.
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