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The Demand Curve.
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| Submitted: Wed Nov 19 2003
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The Demand Curve If you ask a taxi driver what he thinks economics is all about, the answer is invariably: "...it's all about supply and demand, guv'." And of course, there is the old joke: "teach a parrot to say supply and demand and you've got an economist!" Obviously there is a lot more to the subject than just supply and demand, but there is an element of truth in the layman's view. Much of what you learn at A' level involves an application of the basic laws of supply and demand that appear in these first few QuickLearns. Effective demand Before we look at the basic demand curve, it is important to understand that economists only recognise demand when it is effective demand. This means demand that is backed up with a willingness and ability to pay. I should think that many of you reading this page would demand a Ferrari,...
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