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Individual Demand and Market Demand definitions

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  • Individual Demand
    Amount of a good one person is willing and able to buy at each price, shown in a schedule or graph.
  • Market Demand
    Total quantity of a good all buyers in a market are willing and able to purchase at each price.
  • Demand Schedule
    Table listing quantities of a good demanded at various prices by an individual or the market.
  • Demand Curve
    Graphical representation showing the relationship between price and quantity demanded.
  • Quantity Demanded
    Specific amount of a good buyers are willing and able to purchase at a given price.
  • Horizontal Summation
    Process of adding quantities demanded by all individuals at each price to derive market demand.
  • Price
    Monetary value assigned to a good, influencing how much buyers are willing to purchase.
  • Widget
    Hypothetical good used in examples to illustrate demand concepts without referencing a real product.
  • Law of Demand
    Principle stating that as price rises, quantity demanded falls, and vice versa, all else equal.
  • Aggregation
    Combining individual preferences or quantities to analyze overall market behavior.
  • Graph
    Visual tool plotting price and quantity to illustrate demand relationships for individuals or markets.
  • Axis
    Reference lines on a graph, typically showing price on the vertical and quantity on the horizontal.
  • Point
    Specific location on a graph representing a price-quantity combination for demand analysis.