Talk:Economics Lecture Three

Demand vs. quantity demanded

This lecture fails to distinguish these two concepts. The demand curve consists of all price/quantity pairs. Thus, it is incorrect to say "A fall in price tends to increase demand, and a rise in price tends to decrease the demand." Rather, demand is changed by factors such a change in income, the change in a price of a substitute or complimentary good, etc. It is correct to say that "A fall in price tends to increase the quantity demanded, and a rise in price tends to decrease the quantity demanded." GregG 23:08, 2 March 2013 (EST)