Demand Schedule:

A demand schedule is a table that shows the quantity demanded of a product or service at different price levels. It is a tabular statement of price-quantity relationship. The demand schedule is an effective tool for studying the relationship between the quantity demanded of a product and its price. The demand schedule shows the quantity of a good or service that consumers are willing and able to purchase at different prices.

Demand Curve:

The demand curve is a graphical representation of the demand schedule. It shows the relationship between the quantity demanded of a product and its price. The demand curve slopes downward from left to right, indicating that as the price of a product increases, the quantity demanded decreases, and as the price of a product decreases, the quantity demanded increases.

Law of Demand:

The law of demand states that the quantity demanded of a product decreases as its price increases, and vice versa, all other things being equal. This means that there is an inverse relationship between the price of a product and the quantity demanded of that product. The law of demand is one of the most fundamental principles of economics and is used to explain how consumers make purchasing decisions.

Conclusion:

In conclusion, a demand schedule is a table that shows the quantity demanded of a product or service at different price levels, and the demand curve is a graphical representation of the demand schedule showing the relationship between the quantity demanded of a product and its price. The law of demand, on the other hand, is the fundamental principle that governs the relationship between the price of a product and the quantity demanded of that product.