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Economics: Demand and Quantity Demanded Essay

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Executive Summary

In this report, I will be distinguishing Demand and Quantity Demanded by stating the differences between both terminologies. By referring to the textbook which we are using throughout our course plus resources from the internet, I have been able to collect some information about the definitions of demand and quantity demanded. The factors which affect the movement along the curve and shifting of the curve have been stated in the following pages in this report. Demand and Quantity Demanded are different in terminologies and also literally. The demand and quantity demanded curve has differences and it can be seen in the figures which I had pasted below.

What is Economics?

It is the study of resource allocation,
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This applies if all other things remain constant (ceteris paribus).

What is Quantity Demanded?

Quantity demanded "refers to a point on the demand curve – the quantity demanded at a particular price". (http://instruction.black hawk.tec.wi.us/ghoffarth/economicsglossary.htm#Q)

Quantity demanded is associated with the movement along the the demand curve. The factor in the change of the quantity demanded curve is price, as price gets higher the lesser the quantity demanded and as the price is lesser the higher the quantity demanded. The demand curve shows the movement along the curve. The higher the quantity demanded the movement will be downwards and as the lesser the quantity demanded the movement will be upwards.

The curve is downward sloping from left to right as it demonstrates the law of demand where the higher the price the lower the quantity demanded.

In the graph below when the price is 25 the quantity demanded is 15. When the price decreases to 10, the quantity demanded increases to 30.http://instruct1.cit.cornell.edu/courses/econ101-dl/lecture-supply &demand.html If there is a change in demand resulting in the shift of the demand curve. Price is not a factor in this curve. The shifting of the demand curve is due to some factors. As the demand increase the shift will be to the right and if there is a decrease the shift will be to the left.

In the demand curve
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