Law of Demand

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Related to Law of Demand: Demand curve, Law of supply

Law of Demand

In microeconomics, the idea that demand falls as prices rise and vice versa. For example, if prices for widgets rise, fewer people will buy widgets. See also: Supply and demand.

References in periodicals archive ?

Both find that in the real world, the law of demand still applies to labor.

Minimum wage and magical thinking: no one can defy the law of demand

The law of demand simply means that buyers usually purchase more units of goods at a low price than at a high price.

You better watch those curves ... demand curves that is! A look at how understanding the demand environment is imperative to create business opportunities

The remaining papers are presented under the heading, "Dynamics of the Economic Mechanism," and include discussion of the theory of competitive price, inductive evidence on marginal productivity, business acceleration and the law of demand, productive capacity and effective demand, aggregate spending by public works, and Wesley C.

Preface to social economics; economic theory and social problems. (reprint, 1936)

In the field of economics a wide literature exists having undertaken the law of demand in view of numerous approaches: historical, psychological, intuitive or profoundly formal (Teira 2006), (Beattie & LaFrance 2006), (Zhang, 2005); many times our students do not have access to such articles or they regard them as being too difficult compared to their own purposes and background.

The opportunity cost and the law of demand

However, assuming away the law of demand hardly qualifies as economic research.

WAL-MART STUDY SHOWS CLEAR BIAS

Rick Kash, CEO and founding partner of The Cambridge Group, demonstrates how businesses now must focus on the demand side first if they wish to thrive in the new demand-driven economy in his book The New Law of Demand and Supply: The revolutionary new demand strategy for faster growth and higher profits.