The Law of Demand

Our study of market economies requires us to examine both the demand-side and the supply-side of product and resources markets. Buyers and sellers interact with one another to engage in mutually beneficial exchanges in a market economy, and prices are set based on the demand and supply for a particular good, service or resource. This video lesson presents the law of demand, and explains how the demand curve can illustrate this fundamental economic concept.

Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! http://econclassroom.com/?page_id=5870