Demand:

• the amt of good or service that a consumer is able and willing to buy at each possible price in a given period of time ceteris paribus ( quantity demanded at every price )
• Quantity demanded: prticular quantity of a gd/ss that a consumer is willing and able to buy at A PARTICULAR PRICE (reflected on a point on the Demand curve)
• Law of Demand: at any given time period, the quantity demanded of gd/ss is inversely and its price, ceteris paribus
• Law of Diminishing marginal utility (ldmu): beyond a certain pt of consumption, since more and more units of gd/ss are consumed, the additional UTILITY derived from each additional unit consumed will fall - explains law of demand
• price (marginal cost) = marginal benefit

Non price determinants

• Taste and preferences
• Consumer’s Income
• Consumer’s expectations
• Seasonal and weather factors
• Price of related goods