4. Define "demand" and State the law of demand. Demand is a (s________ ) or a curve which shows the various amounts of a product buyers are (w________) and (a___________) to purchase at each price in a series of possible prices during a specified period of (t_____). Demand portrays relationship between ( ________ ) and ( quantity demanded), they are (positively, negatively) related either in the table or in the ( graph ). The key point to be recognized is that demand is more than a statement of quantity purchased at a certain price; it is a (s________ ) of quantities which will be demanded at various prices, other things being equal, for a specified period of time. Note: Shaded with same colors should be the same answer. The law of demand states that, other things being equal, as price increases, the corresponding quantity demanded ( rises, falls). Restated, there is a (an) ( direct, inverse ) relationship between price and quantity demanded with everything else held constant. 5. What is the difference between a change in quantity demanded and a change in demand? The fundamental determinant of demand is the ( price ) of the own commodity under consideration: a change in price causes movement along the commodity's demand curve. This movement is called a (change in quantity demanded, change in demand ). Decreased price leads to movement down the demand curve: There is a(n) ( increase, decrease ) in quantity demanded. Increased price leads to movement up the demand curve: There is a(n) ( increase, decrease ) in quantity demanded. In addition, there are determinants ( also called factors or shifters) of demand, which are factors that may shift the demand curve, i.e., cause a "change in demand." These are the number of buyers, the tastes (or desire) of the buyers for the commodity, the income of the buyers, the changes in price of related commodities (substitutes and complements), and expectations of the buyers regarding the future price of the commodity under discussion (Relate this to the Question #4)