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Law Of Demand

Published on Dec 04, 2015

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1.

LAW OF DEMAND

BY: MICHAEL EDNEY
2.

TWO TYPES OF LAW OF DEMAND

SUBSTITUTION EFFECT & INCOME EFFECT
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3.

WHAT IT IS

LESS PRICE/BUY MORE, HIGHER PRICE/BUY LESS
4.

EXAMPLE

MORE PEOPLE WILL BUY PIZZA IF IT WAS $1 A SLICE RATHER THEN 10$ A SLICE
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5.

ANOTHER EXAMPLE

IF THE DOLLAR STORE RAISED ITS PRICES, THEY WOULD HAVE LESS CONSUMERS
6.

WHY

IT HELPS THE ECONOMY KNOW WHAT TO PRICE THINGS OFF OF THE SALES
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7.

EXAMPLE 3

IF FAST FOOD PRICES WENT UP LESS PEOPLE WILL BUY IT
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8.

EXAMPLE 4

IF REDBOX RAISED ITS PRICES FROM $1 TO $3 A MOVIE, LESS PEOPLE WILL BUY
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