araling panlipunan second quarter konsepto ng demand answer key grade 9
Answer: The concept of demand is an essential economic principle that refers to the quantity of a particular good or service that consumers are willing and able to buy at a given price and within a specific period. Here are some key points to understand:
Law of Demand: According to the law of demand, there is an inverse relationship between the price of a product and the quantity demanded. In simpler terms, as the price of a product increases, the quantity demanded tends to decrease, and vice versa, assuming other factors remain constant.
Demand Schedule and Demand Curve: The relationship between price and quantity demanded can be represented through a demand schedule and a demand curve. A demand schedule is a table that shows different quantities of a product that consumers are willing to buy at various price levels. When these data points are plotted on a graph, it forms a demand curve, which typically slopes downward from left to right.
Determinants of Demand: Several factors influence the demand for a product or service. These factors include:
Price of the product: Changes in price typically lead to movements along the demand curve.
Consumer income: Higher incomes generally lead to increased demand for normal goods, while demand for inferior goods may decrease.
Price of related goods: The prices of substitutes (products that can be used in place of each other) and complements (products that are used together) can affect demand.
Consumer preferences and tastes: Changes in consumer preferences can impact demand.
Population and demographics: The size and characteristics of the population can influence demand.
Shifts in Demand: Changes in the determinants of demand can cause a shift in the entire demand curve. If there is an increase in demand, the curve will shift to the right, indicating that consumers are willing to buy more at each price level. Conversely, a decrease in demand causes the curve to shift to the left.
Elasticity of Demand: The elasticity of demand refers to the responsiveness of quantity demanded to changes in price. If demand is elastic, a small change in price will result in a significant change in quantity demanded. If demand is inelastic, quantity demanded is not very responsive to price changes.
These are some key points related to the concept of demand in social studies for Grade 9 students. It’s important to consult your textbook, class notes, and teacher for specific answer keys and further guidance on this topic.
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