Law+of+Demand+ECON

=Law of Demand =

Definition: Demand is a willingness or want to buy a good or service at a given price. Demand also demonstrates consumer behavior over time and their response to the market, as there is an inverse relationship between price and quantity. []

Types of Demand: 1. Individual--Demand for household or consumers 2. Market--Demand for all individuals consuming the same good or service

Article Example #1: Businesses respond to demand by either conforming to the needs of the public overtime as consumers' taste change, or will be doomed for a closing of their shop. Business also will need to compete with other business of the same product. Ex. Music business have noticed the decline of CD sales so to increase demand, they are appealing to the taste of consumers via ‘eco friendly packaging’ [|http://iw.newsbank.com/iw-search/we/InfoWeb?p_action=doc&p_theme=aggdocs&p_topdoc=1&p_docnum=1&p_sort=YMD_date:D&p_product=AWNB&p_docid=12747C520E72F980&p_text_direct-0=document_id=(%2012747C520E72F980%20)&p_multi=STRF&s_lang=en-US&p_nbid=W5EV48AFMTI5ODU3OTUzOC42MDc3NTM6MToxMDoyMDkuNy4zNS4w]

Article Example #2: Music businesses also appeal to the law of demand by also seeking an increase in sales when they embrace the new technology, such as offering more downloads via a computer. [|http://iw.newsbank.com/iw-search/we/InfoWeb?p_action=doc&p_theme=aggdocs&p_topdoc=1&p_docnum=1&p_sort=YMD_date:D&p_product=AWNB&p_docid=0F8D4FA1D2CC40E4&p_text_direct-0=document_id=(%200F8D4FA1D2CC40E4%20)&p_multi=ORLB&s_lang=en-US&p_nbid=I5DU47OEMTI5ODU3OTQ0Mi42OTQ0NTg6MToxMDoyMDkuNy4zNS4w]

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