6 Demand

This video introduces the fundamental microeconomics concept of demand, defining it as the quantity consumers are willing and able to buy at given prices. We will explore the distinction between demand schedules and demand curves, and clarify the difference between demand and quantity demanded. The video also explains the law of demand, detailing the income effect, substitution effect, and diminishing marginal utility. We will then examine movements along the demand curve, including extensions and contractions, and the shifts in the demand curve caused by non-price determinants like income, prices of related goods, tastes, population changes, expectations, advertising, and seasonal factors. Finally, the concept of market demand as the summation of individual demands will be covered. Subscribe to @AxiomTutoringCourses for more economics lessons.