another week

We didn't learn much this week because of canceled school days. But that didn't stop us from learning a few new things. We learned about what demand means, what a demand schedule is and a demand curve. Demand is the desire to have some good or service and the ability to pay for it. A demand schedule is a table that shows how much of a good or service an individual consumer is willing and able to purchase at each price in a market. Demand curve is a graph that shows how much of a good or service an individual will buy at each price. Yesterday we learned about change. There are six factors that can cause a change in demand. They are income, complementary goods, substitute goods, market size, consumer expectations, and consumer taste. Normal goods is a good that is when consumers demand for more when an income increases. An inferior good is when consumers demand less of when an income increases. That's about it.