Ch. 4 Demand

Chapter Objectives:

  • Section 1 What is Demand?

    • Describe and illustrate the concept of demand

    • Explain how demand and utility are related

  • Section 2 Factors affecting demand

    • Explain what causes a change in quantity demanded

    • Describe the factors that could cause a change in demand

  • Section 3 Elasticity of Demand

    • Explain why elasticity is a measure of responsiveness

    • Analyze the elasticity of demand for a product

    • Understand the factors that determine demand

Ch. 4 Notes