What is the difference between the demand and the quantity...

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Key Concepts

Demand

Demand refers to the overall relationship between the price of a product and the quantity consumers are willing and able to purchase at various price levels over a given period. This concept includes all the potential purchases at different prices and is influenced by factors such as consumer income, tastes, prices of related goods, and expectations about the future. It represents the entire demand schedule rather than a single point on it.

Quantity Demanded

Quantity demanded is the specific amount of a product that consumers purchase at a given price, holding all else constant. It is depicted as a single point on the demand curve and moves along the curve when there is a change in the price of the product. Unlike the overall demand, which is represented by the entire curve, the quantity demanded refers only to the specific purchase quantity at a particular price.

Demand Curve

The demand curve is a graphical representation of the relationship between the price of a product and the quantity demanded. It typically slopes downward, indicating that as the price decreases, the quantity demanded increases, and vice versa. This graph helps distinguish between shifts in demand (which change the position of the curve) and movements along the curve (which reflect changes in quantity demanded due to price changes).

Transcript

0:00 All right.

00:01 So we are doing question number 20, which is asking what is the difference between the demand and the quantity demanded of a product? say milk.

00:07 Explain in words and show the difference on a graph with a demand curve of milk.

00:12 So it's asking us what's the difference between demand and quantity demanded.

00:17 And that's pretty simple, but it can also be complicated to think about.

00:22 And the short answer is demand is a function.

00:28 And quantity demanded, quantity demanded, is the result of that function given an input.

00:41 So, you know, that might be, here might be your demand.

00:45 D equals x, you know, where x is whatever.

00:51 Now for a quantity demanded, quantity demanded might be 30 given that x equals 30, right? so you see what the difference is? let's look at this graphically.

01:04 Here is our downward sloping demand curve.

01:09 Here is quantity.

01:10 Here is price.

01:13 This whole curve is demand.

01:17 This whole curve, you know, whatever, whatever, whatever.

01:20 Demand.

01:22 Quantity demanded is going to be whatever point along this curve, be it here, here, here, here, here, here...

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