The Law of Demand: Interactive Learning by Ludovick Bisson

Welcome: Introduction to the Law of Demand

ludovickbisson1 — 2024-04-06 20:28:37 UTC

Welcome to the interactive journey into understanding the Law of Demand! This crucial concept in economics explains how the quantity of a good demanded by consumers changes as its price changes. Your are about to embark on a discovery of multiple resources that covers all angles of this topic - from in-depth videos and insightful websites to real-life Canadian demand statistics and images! Get ready to dive in!

A Brief Introduction to "The Law of Demand"

ludovickbisson1 — 2024-04-06 20:28:38 UTC

This video shows graphically the "law of Demand" with candy! Depending on the price of the good and the demand of the product or service the individual can see its complexity in a simple to understand graph and in this video we show you how its done.

I chose this video specifically because the presenter displays their information clearly and explains key points displayed in lecture so to me it is bringing the information taught come full circle in a sense.

The Demand Curve...not as scary as you would think

ludovickbisson1 — 2024-04-06 20:28:41 UTC

In this video we go deeper into the information from the prior video but with a bit more varying examples and showcase real world examples of consumer trends.

I chose this video as the same statement prior but this one adds a bit of humor and energy, economics can be slightly dry so this is refreshing to me :)

A Deep Dive on Elasticity of Demand and how they both play a key role with each other.

ludovickbisson1 — 2024-04-06 20:28:42 UTC

This comprehensive video deep dives on the calculation deriving the demand with something called the Elasticity of Demand, which is very useful in understanding how an item can be elastic or inelastic.

Being an engineering student I like number crunching so this got me brain cells going. so I thought others may be interested in it too.

Khan Academy beautifully explaining "Law of Demand"

ludovickbisson1 — 2024-04-06 20:28:56 UTC

Khan Academy being a bountiful resource as it delivers an easy to read understanding of how to see trends in the demand of goods with an introduction to the demand curve.

I chose Khan Academy simply because of how useful their resources are! I have used the platform many times and will always reference them when I can.

Reflection: Insights Gained

ludovickbisson1 — 2024-04-06 20:29:14 UTC

Reflecting on this journey, I was most surprised to discover how immediate the effects of price changes could be on consumer demand, often far more rapidly than I anticipated. A real-life example that strikes me is during sales season like Christmas, when prices drop significantly. I've noticed how quickly products fly off the shelves, demonstrating the law of demand in action. Sharing this knowledge, I believe the most crucial insight to pass on is the importance of understanding consumer behavior - it underpins many economic decisions, not just in businesses, but also in our daily purchasing choices.

A one minute guide to "The Law of Demand"

ludovickbisson1 — 2024-04-06 21:01:47 UTC

Have you ever wanted bananas but see that all the stores you go to don't sell them, well that's called demand! in this short video, you'll see just how important understanding demand can either benefit you or leave you hungry.

I chose this video because it gives a quick and easy snapshot of what demand is.

Government of Canada 2023 analysis on the supply chain

ludovickbisson1 — 2024-04-06 21:08:32 UTC

A look at the 2023 economic strife with the pandemic almost bringing most industries to a halt and the conflict in Ukraine ever worsening. This report shows the reader a vast amount of data regarding the demand and supply chain of consumer goods.

as mentioned prior stats Can is a great resource for gathering data focusing on (almost) accurate consumer information to make informed decision making.

ludovickbisson1 — 2024-04-06 21:13:05 UTC

In this deep dive article the premise is looking into the labour markets supply and demand, its equilibrium, its shifts in the demand, and other tid-bits of information.

I chose this website since we keep hearing that we are in a recession, and that no one wants to work... I thought I might want to look into it somewhat.

ludovickbisson1 — 2024-04-06 21:18:07 UTC

In this section you will see three distinct colour gradients varying from green yellow and red. Green indicates an easy to follow format followed with yellow being a more bite for the brain to analyze while red is a bit of a read and needing to analyze, identify, and understand the information being presented. Happy learning :)

ludovickbisson1 — 2024-04-06 21:22:56 UTC

In this Stats Canada report showing the trends of products and goods that the average Canadian consumer purchases can give insight to the demands of the every day Canadian consumer.

I chose the Government of Canada sites such as this and the others follow simply because they are (almost) flawless resources for gathering data on the demand, CPI, and other economical needs for evaluating what will happen in future based on trends.

When demand change so does its price and vice versa

ludovickbisson1 — 2024-04-06 21:46:09 UTC

In this image we can understand that when the price of a banana is decreased or not present then the demand increases as a result. However, the opposite is for when the price increases.

Ive added this image as its a quick snapshot to supply and demand in its ultra simplified form.

Housing market supply and demand

ludovickbisson1 — 2024-04-06 21:51:11 UTC

In this image we can see in the "Y" axis the home price and in the "X" axis the homes on the market. This chart shows that as the price of homes increase the market looses its supply of homes were as if the price of homes and the amount of homes are at an ideal state than everybody wins.

Ive added this image as I am frustrated with the housing market and its inflated prices and it also demonstrates in an economical sense the Supply and Demand graph well.