Unit 2.1 · Demand
Demand Curve
AO4Diagram required
Syllabus Requirement
Graphical representation of the law of demand with downward slope.
Assessment Objectives
AO4Use of Appropriate Skills
Summary
The demand curve illustrates the relationship between the price of a good or service and the quantity demanded by consumers. Typically, as prices decrease, the quantity demanded increases, reflecting the law of demand. Understanding this concept is essential for analyzing consumer behavior in economics.