Demand | A-Level Economics Notes

These revision notes cover everything you need to know about Demand for A-Level Economics. They're designed for students studying AQA A-Level Economics, Edexcel A-Level Economics, and Edexcel International A-Level Economics. Written by Jaisul Naik, UCL Economics graduate and A-Level Economics tutor since 2017.


What is demand?

Demand is the number of goods and services that consumers are willing and able to buy at each given price.

Why is the demand curve downward sloping?

The demand curve is downward sloping (inverse relationship)

At higher prices, quantity demanded is lower because goods and services are less affordable so less people are willing and able to buy.

Demand is also downward sloping due to the law of diminishing marginal utility.

What is diminishing marginal utility?

Diminishing marginal utility theory states that when individuals consume an extra unit of a good or service, there is a decrease in the extra satisfaction the consumer gains