Demand in economics

Demand Schedule
The demand schedule is a table or formula that tells you how many units of a good or service will be demanded at the various prices, ceteris paribus. Here is an example of a demand schedule:

Amount of Beef Bought at Each Price Point
Price/lb.	Quantity (in lbs.)
$3.46	10.0
$3.55	9.8
$3.69	9.5
$3.80	9.4
$3.85	9.3
$3.88	9.3
$3.88	9.3
$4.01	9.1
$4.09	8.9
$4.45	8.5

Demand Curve
If you were to plot out how many units you would buy at different prices, then you've created a demand curve. It graphically portrays the data that's been detailed in a demand schedule.

© The Balance, 2018

In the chart above, price is on the x-axis and quantity bought is on the y-axis. At P₂, the higher price, people will only buy Q₀, the lower quantity. If the price drops to P₁, then the quantity bought will increase to Q₁.
When the demand curve is relatively flat, then people will buy a lot more even if the price changes a little. When the demand curve is fairly steep, then the quantity demanded doesn't change much, even though the price does.