Saturday, September 1, 2018

My Encounter with Economics..!!

My Encounter With Economics

Law of Demand:

Law of demand is one of the important concepts of the economic. The law states the relationship between  demand and price with consumer behavior. According to the law of demand when the price of a product falls (↓) the demand for the product rises (↑) and when the price of  product rises (↑)  the demand for the product falls (↓) 

Example:

In my home town there was a milk shake parlour. When the price of my favourite milk shake was 99 bucks i use to vist it twice a week but when the price rises to 135 bucks i use to visit it only once a week. clearly when price almost rose to 35% the demand for that shake fallen to half.
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