Change in demand and change in quantity demanded?

Answer 1

In economics, demand is defined as the quantity of a good or service consumers are willing and able to buy at a range of prices.

A change in demand occurs when a demand factor/conditionchanges. The four main demand factors are:

• Consumer tastes, fashions and preferences.
• Consumer income.
• The price of substitute goods.
• The price of complimentary goods.

A change in demand is shown visually as a shift of a demand curve.

Quantity demanded is defined as the quantity of a good or service consumers are willing and able to buy at a price.

A change in quantity demanded is caused only by a change in price. The law of demand states that as the price of a good or service increases (ceteris paribus), the quantity demanded will decrease (and vice versa). A change in quantity demanded is shown visually as a movement along a demand curve.

Ceteris paribus is a Latin term; it is used in economics to signify that all demand/supply factors remain unchanged.