Law of Demand
Law of demand
The definition of law of demand in economics states that whenever the price of goods or service tend to increase,the consumer demand decreases,
If the price of goods and services decreases,the consumer demand for the products increase.
This law simply shows the effect on what price has to do with a consumer purchase.
example, If a basketball is selling for $400 not every body can afford it and the demand decreases,but if it were to sell for $13,the demand for the ball increases.
www.investopedia.com is a good source.
Posted by kaaaf on 9/3/2009
What others are suggesting
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Law Of Demand - Definition of Law Of Demand on Investopedia - A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer demand for the good or ... What Does Law Of Demand Mean?; A microeconomic law that states that, all other factors being equal, as the price of...
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law of demand - definition of law of demand - If supply is held constant, an increase in demand leads to an increased market price, while a decrease in demand leads to a decreased market price. ... late trading; Latvian Lat; launch; launder; law day law of demand; law of large numbers; law of one price; law of supply;
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Law of demand - Wikipedia, the free encyclopedia
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The most famous law in economics, and the one economists are most sure of, is the law of demand. On this law is built almost the whole edifice of economics. The law of demand states that when the price of a good rises, the amount demanded falls, and when the price falls, the amount demanded rises.
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Rick Kash believes supply-side economics has reached the end of its effectiveness, and in The New Law of Demand and Supply he argues for an inverse approach--one he contends is already employed to some degree by many of the world's most successful companies.
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If you think you have found a demand curve that does not slope downward -- you have probably ignored something. ... Usually economists plot price on the vertical axis and quantity on the horizontal axis. Yet they write the equation for a demand curve with quantity as a function of price...
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The law of demand and it's application to fundamental analysis of commodities rests upon an understanding of consumer behaviour. The factors which characterize consumer choice, and how individual consumer responses are reflected in the market place are key components of this economic theory.
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1. Interpret the law of supply and demand. ... The demand for a product is the amount that buyers are willing to purchase. The Law of Demand states that when the price of a product is increase with no change in factors other than price, less product will be taken...
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