I have red chapter 4 about demand and supply from Michael Parkin book „Economics”.
Demand
Other things being equal, the higher the price of good, the lower is the quantity demanded.
The quantity demanded of a good or service is the amount that consumers plan to buy in a given period of time. Demands are different from wants. Wants are unlimited, whereas demands reflect decisions to satisfy specific wants. The quantity that consumers plan to buy of any good depends on:
The price of the good
The prices of other goods- substitutes and complements
Income
Population
Tastes
The demand schedule lists the quantities that will be demanded at each price, holding constant all other influences on consumers planned purchases.…
