Part I: Use the space below to take notes on the basic principles of demand. Demand: an insistent and peremptory request, made as if by right. Law of Demand : the law of demand states that . "conditional on all else being equal , as the price of a good increases, quantity demanded decreases; conversely, as the price of a good decreases, quantity demanded increase ". Demand Schedule : A demand schedule is a chart that shows the number of goods or services demanded at specific prices Demand Curve: The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time . Part II: Use the chart below to replicate the demand schedule we create in class. Demand Schedule for Product: Price Per Item Quantity Demanded $10