down from left to right. Demand curves embody the law of demand: As the price increases, the quantity

demanded decreases, and conversely, as the price decreases, the quantity demanded increases.

Confused about these different types of demand? Read the next Clear It Up feature.

CLEAR IT UP

Is demand the same as quantity demanded?
In economic terminology, demand is not the same as quantity demanded. When economists talk about demand,

they mean the relationship between a range of prices and the quantities demanded at those prices, as illustrated by

a demand curve or a demand schedule. When economists talk about quantity demanded, they mean only a certain

point on the demand curve, or one quantity on the demand schedule. In short, demand refers to the curve and

quantity demanded refers to a (specific) point on the curve.

Supply of Goods and Services

When economists talk about supply, they mean the amount of some good or service a producer is willing to
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