Demand - The willingness and ability to purchase a good or service at a given price in a given time period., The law of demand - For most products the quantity demanded varies inversely with its price., Individual Demand - The demand for a good or service by an individual consumer., Market Demand - The total demand for a good or service, found by adding together all individual demands., Movement along the demand curve - When the price changes, leading to a movement up and down the existing demand curve., Shift of the demand curve: - A complete movement of the existing demand curve either outward (to the right) or inward (to the left)., Subsidy - An amount of money the government gives directly to firms to encourage production and consumption., Tax - A compulsory payment to the government., Elastic demand - When the percentage change in quantity demanded is greater than the percentage changes in price., Inelastic demand - When the percentage change in quantity demanded is less than the percentage change in price., Price elasticity of demand (PED) - The responsiveness of quantity demanded to a change in the price of the product.,

Demand GCSE OCR

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