Demand in Economics: Definition & Concept

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Demand is defined as consumers' _____ and _____ to consume a good.

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1. If the price of coffee increases, quantity demanded will:

2. The law of demand states there is an inverse relationship between price and quantity demanded of goods. This is typically represented by a _____ line.

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About This Quiz & Worksheet

This quiz and corresponding worksheet will help you gauge your understanding of what demand does to products in the economy. Topics you'll need to know to pass the quiz include understanding the definition of demand as well as knowing the inverse relationships between price and quantity demanded.

Quiz & Worksheet Goals

Use these assessment tools to assess your knowledge of:

  • Definition of demand
  • Relationship between price and quantity demanded
  • How the law of demand can be graphically represented
  • Specific price point characteristics of the demand curve

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Defining key concepts - ensure that you can accurately define main terms, such as law of demand and demand curve
  • Reading comprehension - ensure that you draw the most important information from the related demand in economics lesson
  • Distinguishing differences - compare and contrast topics from the lesson, such as how demand normally works with falling prices and what Giffen goods involve

Additional Learning

To learn more about how lowering prices usually results in more demand for products, review the corresponding lesson on Demand in Economics: Definition & Concept. This lesson covers the following objectives:

  • Understand the basic definition for demand
  • Learn how the inverse relationship can be displayed using the demand curve
  • Describe the slope of the demand curve and know what it means
  • Appreciate the shifts that could affect the demand curve
  • Identify peculiar cases when demand for something could rise as the price rises
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