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What I learned about this topic that surprised me the most was the diverse amount of definitions regarding the law of demand. The different styles of teaching, different terminology but same meaning, and additional insight from authors. After my first post, I found that "wow, is this all it's really about?". Now I realize that you never know everything about the law of demand. It is a topic that has a vast amount of approaches that makes it easy for everyone to learn economics. Whether it's a grade school student or a university student, it's all out there. At the same time, these vast approaches is what creates the thrive to learn more about the law of demand.

A real-life example where this topic is relevant for me is working at a grocery store. Analyzing how things are priced, and the reasoning behind it. It dawned on me that every time cereal is on sale, the milk is also on sale at my job. This is because in order to eat cereal, you must have milk. By reducing the price of both, you are complimenting the law of demand. At the same time, you are increasing the demand of milk by increasing the supply of cereal. Thus, doubling the effect of sales. Another example is that the store has big sales of water during the summer. Not only does the reduction in price increase the quantity demanded, but also because of the heat in summer. Reducing the price of water and selling in the winter will not have the same quantity demanded as summertime.

If I could pass on information regarding this topic to my family, I would tell them the defined law of demand in a simplified approach. Such as the lower the cost, the more likely you'll buy more. If the price decreases on milk, you'll buy the milk on sale rather than the one you've always been buying. That would be an example of the substitution effect. This will provide my family some understanding of why they react the way they do to products and prices while shopping.

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This website begins by defining the law of demand, similarly to other websites. It states that the law of demand implies a downward sloping demand curve, when quantity increases due to price decrease. There are a few cases where the law of demand is not applicable. Such as giffen goods, which has been mentioned earlier in one of my other posts. The law of demand is a generalized term that covers a majority of goods and services' behavior; but not everything. A consumers consumption is determined by a cost-benefit analysis by businesses. A drop in price should reduce the number of benefits a good needs to provide a consumer in order to be worthwhile purchasing.

I chose this website because it was clear and concise, and got right to the point. There wasn't a long dreading amount of text to read. This author has written information for colleges and universities.

Source: https://www.thoughtco.com/the-law-of-demand-definition-1148022

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This video starts out by explaining the basics of demand. Specifying that there is an inverse relation between price and quantity demanded. He demonstrates this by using milk. When the price goes down, the amount of milk consumers will buy will increase. The three main points regarding a change in demand is the substitution effect,  the income effect, and the law of marginal diminishing utility. Substitution effect being that changes in price will motivate consumers to buy cheaper substitutes. Such as buying juice instead of milk. Income effect states that changes in price will give people more purchasing power; relative to their income.
Law of diminishing utility means that the more you consume a product, the less satisfaction you're going to get the next time you buy the same thing.
He mentions that cereal increases the demand for milk, because it is a complimentary product.

I chose this video because this guy was hilarious and he expressed the law of demand in a unique way that I couldn't find elsewhere. He had lots of passion and energy towards economics which also helped other students judging by the comments.

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Demand and Supply Explained- Macro Topic 1.4 (Micro Topic 2.1)

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The Law of Demand and Elasticity  - Website #3

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The Law of Demand and Elasticity  - Website #3

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This website starts off by discussing the elasticity of demand. This term refers to the sensitivity of demand. The elasticity of demand is calculated by the percentage change in the quantity demanded divided by a percentage change in another variable. Elasticity refers to the increase of a customer's demand relative to changes in it's price. Companies will often change prices so that they can collect data about customers responses to increase profit. Another term discussed is Cross Elasticity of Demand. It is calculated by percentage change of one good compared to a change of another.

I chose this website because it discussed new terms related to the law of demand that I haven't found in other websites. Elasticity and cross elasticity.

Source: https://www.toppr.com/guides/business-economics/theory-of-demand/law-of-demand-and-elasticity-of-demand/

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This video beings talking about how related products influence the demand of the primary product. In this instance, he compares the price of his eBooks to others. When the price of a related product increases, the demand for the primary product increases. Whether his price is $2 or $10 for his eBook, if it's less than the related product, then there will be still more quantity demanded of his product. This will create a shift in demand to the right. As soon as the price drops of the related product, the demand for his eBooks will decrease. He demonstrates this by shifting he demand curve graph to the left.

I chose this video because it followed up with my previous video, and it provided some additional insight from his first video into the second.

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Price of related products and demand | Microeconomics | Khan Academy

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This video started out by discussing some of the basics regarding the law of demand. He mentioned a term that I heard earlier, called ceteris paribus. Which means all else equal. What this author did to demonstrate is that he begins selling his eBook at $2.00, with a quantity demand of 60,000. At $4.00, it was 40,000. By the time he got to $10, the quantity demanded fell to 25,000. At this point he would make twice the profit because 10 x 25000 = $250,000. Whereas 2 x 60,000 equals $120,000. From my understanding, businesses take advantage of the law and increase the price to make profit even though they are not selling as much quantity.

I chose this video because growing up in high school, I've learned a lot of math skills from this author and I wanted to see what he could teach in economics.

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Law of demand | Supply, demand, and market equilibrium | Microeconomics | Khan Academy

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This website starts off by providing some analogies on the way humans think, in correlation to demand. Everyone has a need for speed and comfort while driving When it becomes safer, people are more likely to drive fast, vice versa. The Peltzman Effect, named by an economist Sam Peltzman, found that people were riskier drivers after seat belts came into effect. With these added safety laws, there is a reduced price for risky driving. So then people will do more of it, because it costs lest.

I chose this website because it provided a different perspective towards the law of demand. It showed that the law of demand is not only applicable for goods and services, but also in our daily lives.

Source: https://fee.org/articles/the-law-of-demand/

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Exceptions to The Law of Demand - Website #1

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Exceptions to The Law of Demand - Website #1

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This website explains the exceptions to the law of demand. They define a term "Giffen Goods" which means that when the price of a product increases, there is actually in increase in demand. An example why is that workers used to buy meat and bread. Where now they cannot buy a sufficient amount of meat while buying bread, so they only buy bread. (Inferior > Superior) instead of (Inferior + Superior). Another term defined was "Veblen Goods". These are goods that people will not buy if the price falls. Such as jewelry or sports cars. The higher the price on diamonds, the more desirability. Same goes for sports cars. The more expensive the diamond, the more status that person can promote.

I chose this website because it had a unique term that I couldn't find elsewhere, called "Giffen Goods". As well, a term called "Veblen Goods".

Source:
https://www.intelligenteconomist.com/exceptions-to-the-law-of-demand/

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This video starts off by showing the quantity demanded of candy vs the price of the candy. It is displayed both in a data chart and a line graph. This video defines the law of demand and states a latin expression called "All Else Equal "= ceteris paribus. Whenever the price of a product changes, the quantity demanded changes inversely to the price.

I chose this video because it gave more insight as to why the law of demand is the way it is. Whenever there is a decrease in price, consumers will feel that their income is increasing. They feel like they have more purchasing power so they will buy more goods. I couldn't find this on other websites/videos.

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This chart demonstrates the relation between the cost a product and the quantity demanded in units. In this image, it shows a data table relative to the line graph to give a better representation. If the price is $10, then the quantity demanded will be 50. If the price is as low as $2, then the quantity demanded will be 90 units. It is an inverse relation.
Source: https://proprogramming.org/law-of-demand-introduction-assumptions-exceptions/

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This chart demonstrates the relation between the cost a product and the quantity demanded. In this chart, it shows that if the price of DVD movies were $25 each, people will only buy 2. If the cost is only $5, people will buy up to 16 movies.
Source: http://www.lidderdale.com/econ/104/ch3lect.html

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Hello everyone, and welcome to my assignment page for Economics!

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Hello everyone, and welcome to my assignment page for Economics!

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This padlet is going to discuss what Law of Demand is, and how it is applicable in our lives.

The law of demand states that the higher the price, the lower the quantity demanded. If the price is low, more quantity will be demanded. For example, If the price of peanut butter goes up from $3 to $4.50 a jar, people will only buy 3 jars instead of 5 or 6.

Source: https://www.investopedia.com/terms/l/lawofdemand.asp