Law of Demand

This video discusses the Law of Demand in Economics.  The Law of Demand states that, holding other factors constant, an increase in the price of a good (relative to the average price of others goods) will lead to a decrease in the quantity demanded of the good.  Conversely, a decrease in the price of a good (relative to the average price of other goods) will to an increase in the quantity demanded of the good.  There are exceptions to this rule (e.g., Giffen Goods) but the relationship holds true so frequently that it is referred to as the Law of Demand.  This video provides an example, which uses a demand schedule to create a demand curve that illustrates the Law of Demand.—
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