Week 1_1 Law of Demand

Step 1

Get to know Basic Concepts:

-- The law of demand states: other things remaining the same, the higher the price of a good, the smaller is the quantity demanded, or the lower the price of a good, the larger is the quantity demanded.

-- The quantity demanded of a good or service is the amount that consumers plan to buy during a particular time period, and at a particular price.

Step 2

Question:

What happens to the quantity demanded of each individual if the price of bananas increases to 1 euro?

Step 3

Watch the Video:

2 Law of Demand.mp4 Download 2 Law of Demand.mp4 Play media comment.