Demand and Demand Curves

Demand: 

                  Demand is a relationship between the price and quantity demanded, here the price means money or product required for something in return.

Demand curve: 

                              Demand curve shows the price of the good and quantity demanded in an inversely related manner and it was in a downward slope and assumes that for every change in price there is an opposite reaction. 

Shifts in Demand curves:

                  Actually demand curve shows the relationship between the price and quantity demanded in an assumption of all other things are constant, but if there is a change in any of these things will shift the demand curve.

 If  demand increases, demand curve shifts to the right

If demand decreases, demand curve shifts to the left

                                             

Reasons for shifts in demand curves:

1.Consumer preferences                                  2.Consumer incomes                                        

3.Price of closely related goods                    

4.No.of consumers in market                        

5.Consumer expertations of the future        price                                                                

                  

Reference:                                                       

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