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PHYSICAL SCIENCE: The scientific study of nonhuman, nonsociety phenomenon, such as atoms, planets, wildlife, and continental drift. Common disciplines that study these physical phenomenon go by the names physics, chemistry, biology, geology, and astronomy, among others. The primary reason for this entry is to provide a contrast with social sciences, especially economics, that study human behavior and society.

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Lesson 5: Demand | Unit 1: Buying Basics Page: 3 of 20

Topic: Quantity Demanded <=PAGE BACK | PAGE NEXT=>

Second, quantity demanded.

Quantity demanded is the specific quantity of a good that buyers would be willing and able to buy at a specific price.

  • Price and quantity demanded are a pair of numbers that go together.
Quantity demanded is not the same as demand.
  • Demand is the entire range of prices and quantities (all pairs of numbers).
  • Quantity demanded is a specific quantity at a specific price (a quantity paired with a price).

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DURABLE GOODS, CONSUMPTION

Personal consumption expenditures on tangible goods that tend to last for more than a year. Common examples are cars, furniture, and appliances. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are nondurable goods and services. Durable goods are about 12 percent of personal consumption expenditures and 8 percent of gross domestic product.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for letters from the Internal Revenue Service.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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