Scarcity & Tradeoffs
Market Graphs (Supply, Demand, etc.)
Government Intervention in Market
Firm Graphs (Fixed, Variable, Marginal Cost, etc.)

Demand

Demand represents the relationship between the price and the quantity demanded by the market. 

In other words... at a given price, how much do consumers demand a given good?

Scenario: Chad loves white sneakers, and purchases them on the demand schedule below. Graph resulting demand line.

Price of White Sneakers ($)Quantity Demanded
$1003
$1502
$2001

The Law of Demand states that holding everything constant, when the price of a product falls, the quantity demanded increases

When the buyer can purchases more for less... they're going to demand more!

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