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 Form 3 Business Studies: Demand and supply online lessons

Meaning of demand schedule, curve and the law of demand

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Answer Text:
Demand schedule and demand curve:
-Demand schedule is a table ( a set of data) that shows the quantities of a product that would be bought/ demanded at different price levels over a given period of time.
-Demand schedule is a table that shows the quantities of goods demanded at a particular time .
figdemand21720201114.JPG
The law of demand:
-It states that, the higher the price the lower the demand
and the lower the price the higher the demand.
Market demand curve:
-Is a graphical representation of the market demand schedule.
- it is a graph that shows the quantities demanded at different price levels over a given period of time.
figdemand21720201115.JPG


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