1. Demand is NOT an all or nothing concept, it is a Marginal Concept
2. Demand - The relationship between the amount of something you wish to obtain and the sacrifices required to get it
3. "Quantity Demanded" - Amount of a good that buyers are willing and able to purchase at a particular price
Willing - Subjective Preferences
Able - Concept of whether you have enough income to purchase the things you want
4. "Law of Demand" - Given other factors held constant ("ceteris paribus"), the quantity demanded of a good falls when the price ("cost") rises; essentially, that cost and demand are inversely related
5. "Law of Demand" describes human nature and applies to any trade-off we must face; not just a theoretical economic concept
6. Be wary of "helium balloon" paradoxes which seem to violate the "Law of Demand"; instead, ask "How can this be reconciled with what we know about the 'Law of Demand'?"
7. Money prices in trade-off analysis and demand curves stand in for the goods given up due to opportunity costs
8. $0 does not equal infinite demand, due to other costs and varying preferences among the population
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