Final answer:
Demand refers to the quantity of a product that consumers are willing and able to buy at a given price, while quantity demanded represents the specific quantity consumers are willing and able to buy at a specific price. The typical demand curve has a negative slope due to the inverse relationship between price and quantity demanded. On the other hand, supply refers to the quantity of a product that producers are willing and able to offer for sale at a given price, while quantity supplied represents the specific quantity producers are willing and able to offer for sale at a specific price. The typical supply curve has a positive slope due to the positive relationship between price and quantity supplied. Movement along a curve occurs when there is a change in quantity demanded or supplied due to a change in price, while a shift in a curve occurs when there is a change in demand or supply due to factors other than price.
Step-by-step explanation:
Demand refers to the quantity of a product or service that consumers are willing and able to buy at a given price and period of time. Quantity demanded, on the other hand, represents the specific quantity of a product or service that consumers are willing and able to buy at a specific price.
The typical demand curve has a negative slope because of the law of demand, which states that as the price of a product increases, the quantity demanded decreases, and vice versa. This is due to the inverse relationship between price and quantity demanded.
Supply refers to the quantity of a product or service that producers are willing and able to offer for sale at a given price and period of time. Quantity supplied, on the other hand, represents the specific quantity of a product or service that producers are willing and able to offer for sale at a specific price.
The typical supply curve has a positive slope because of the law of supply, which states that as the price of a product increases, the quantity supplied increases, and vice versa. This is due to the positive relationship between price and quantity supplied.
The difference between movement along a curve and a shift in a curve is that movement along a curve occurs when there is a change in the quantity demanded or supplied due to a change in price, while a shift in a curve occurs when there is a change in demand or supply due to factors other than price, such as income, tastes, or technology.