The Week Overview

Since the snow days made less class time, this week, the Econ class focused all about demand. We learned about what we could DEMAND from other people, and how we must have the ability and willingness to buy this good or service. The law of demand helps tell us about the relationship between quantity and price. It can be shown on a demand curve or demand schedule. The curve always slopes downward, but can also move when the relationship between quantity and price is changed. They can be changed by income, complementary goods, market size, consumer tastes, consumer expectations, supplementary goods and substitute goods. I think this is an important topic because it helps people in business know what price to sell and the factors they have to work around to make the "perfect product" for the consumers. Do you think it is important?