What is the law of demand?
Very crucial concept to economics but an easy one to understand.The law of demand states that quantity purchased is inversely related with price. Basically, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility.
TD
Related Economics GCSE answers
All answers ▸Evaluate the use of supply side policies as a means of controlling UK inflation (30 marks)
Explain why a rise in GDP will lead to a rise in the standard of living
Why would an increase in demand for a good cause an increase in price for a good?
What is the Marshall Lerner Condition?