Honors Economics ~ The Law of Demand

If the price goes up, the demand goes down If the price goes up, the demand goes down 1 2 1,2 1,2,3 Economics ! Demand refers to A relationship between the price and the quantity that consumers are willing to buy when the price increase the less the people are willing to buy but when the price decrease, people will buy more cause it's the law of demand in Economics if the price goes up the demand goes down it's the law of demand in economics if the price goes up the demand goes down a rise in income increases the demand for a normal good so instead of feeling poor we could feel richer, everybody should but a decrease in income will make you purchase more inferior goods so instead of Applebees to you McDonald's is good cause it's the law of demand in economics if the price goes up the demand goes down it's the law of demand in economics if the price goes up the demand goes down Demand slope is downward put price on the vertical axis and the quantity goes on the horizontal axis and now it's easy to graph and understand the law of demand just remember they are inverse and this is how i'm so sure cause it's the law of demand in economics if the price goes up the demand goes down its the law of demand in economics Law of demand ! it is.... the Law of Demand ! it is.... the Law of Demand ! it is..... the Law of Demand ! Law of Demand ! to the left, to the left to the left, to the left to the left, to the left 6 things shift demand graphs to the left for example, a decrease in consumer income and their wealth and also a change in people's taste and their preferences nowadays more people have cars and no one really wants to call a cab Demand graphs shifts to left when there's a higher price for substitute goods if the price of apples increase, the demand for oranges would and this all makes sense cause this is the law of demand. This is the law of demand the graph can shift to the left when there's a change in complementary goods, ohh yess baby this is the law of demand, this is the law of demand the graph can shift to the left when there's a change in number of people or their expectations it's unstable !