Law of demand by Angel Raj Shrestha

Welcome

angelshrestha35_ — 2023-12-01 01:49:12 UTC

Welcome to this Padlet wall. This Padlet talks about law of demand, one of the fundamental principle in economics. This wall consists of few videos and articles that talks about law of demand which will help everyone to learn and understand about it better.

Video #1 Law of demand by Focus EduVation

angelshrestha35_ — 2023-12-01 02:00:10 UTC

The video title "Law of demand" by Focus EduVation discusses about the law of demand, giving its definition through an example of demand of Corn and how it changes as the price of the Corn varies. The video also shows a graphical relationship between Price and Quantity demanded which helps better understand about the Law of demand.

I chose this video because it achieves to provide information about the topic in a very easy way with the help of a simple example. It also includes the graph that shows the inverse relationship between the price of the product and Quantity demanded which is the main gist of the Law of demand.

Video #2 The laws of Demand and Supply

angelshrestha35_ — 2023-12-01 02:10:48 UTC

This video about the laws of demand and supply further expands on the topic of Law of demand discussing in detail about the Demand function, Demand Curve and how it is connected with Supply curve. The video further elaborates on how these two curves helps to determine the point of equilibrium i.e. the point of intersection between the demand curve and supply curve.

I chose this video because it further expands about the principle of law of demand and links it to law of supply. It explains how these two laws help to determine the point of equilibrium of a product by using a graph.

Video #3 Supply and Demand in 8 minutes

angelshrestha35_ — 2023-12-01 02:25:04 UTC

This video by Jacob Clifford discusses about the reasons as to why the law of demand takes place. He discusses about why the price of a product could change by categorizing the effects into 3 types named: "Substitution Effect", "Income Effect" and "Law of diminishing marginal utility". He further talks about why the demand could still change despite the price of the product being constant. These 5 shifters of demand where the price remains constant are: Preference, Number of buyers, Price of related goods, Income and Expectations.

I chose this video because Jacob does an excellent job about explaining in-depth about the reasons as to why the shift in the price or the demand in the market may occur and how this directly affects the demand curve of the product. I found that other videos hardly touched on these shifters of price and demand despite it being very important to know.

Video #4 Law of demand by Course Hero

angelshrestha35_ — 2023-12-01 02:37:10 UTC

This short video about law of demand perfectly summarizes the principle of law of demand. Jadrian Wooten explains about the law of demand in a short and concise manner. He uses some examples as to why a price or demand of product may vary, further adding to the effects discussed in the video by Jacob Clifford.

I chose this as my final video because it successfully summarizes most of the things discussed about the law of demand in previous videos concisely. The examples he used were simple to understand which further helped in learning about Law of demand.

Website #1 What Is the Law of Demand in Economics, and How Does It Work?

angelshrestha35_ — 2023-12-01 03:02:50 UTC

This article posted on Investopedia by Adam Hayes defines the principle of Law of demand in detail with examples as well as graphs. In this article, Hayes explains the difference between the phenomenon of demand and Quantity demanded. Factors affecting demand are also mentioned in the article along with the significance of the law.

I chose this article because Investopedia is one of the most famous site to learn about economics and investing and this article talks about the topic in detail. One thing that stands out about the article to me is the explanation about how the law of demand can be broken. It is explained using examples of Veblen goods and Giffen goods whose prices rise with increase in demand.

Website #2 Law of demand: Definition and Examples

angelshrestha35_ — 2023-12-01 03:12:55 UTC

This article named "Law of Demand: Definition and Examples" by MasterClass defines and elaborates on the Law of demand providing new information about the difference between the law of demand and law of supply. This article also explains how these two laws are demonstrated graphically. The article also provides different examples with different scenarios for different movement of price and demand with respect to each other.

I chose this article because the one thing that stands out about this article is how the article differentiates between the law of demand and supply further clarifying the difference between the two distinct principles that go hand in hand and might be confused for one another.

Website #3: The Law of Demand

angelshrestha35_ — 2023-12-01 03:21:26 UTC

This article posted in Lumen learning is also a great source to learn about the phenomenon of demand, demand curve and the principle of law of demand. In this article, the terms demand and demand curve is discussed in detail providing more information about each topic before discussing about the law itself.

I chose this article as unlike other articles, this provides more information about demand and demand curve before diving in the explanation of Law of demand. This article also consists of graphically represented examples of shifters of demand such as effect of income increase on price and in demand.

Website #4: Demand - Econlib

angelshrestha35_ — 2023-12-01 03:31:08 UTC

This article by David R. Henderson approaches the Law of demand with a different perspective where he talks about how there is a conflict between economist and non-economist on the validity of the Law of demand. He mentions that most economist believe the law to be true because of how plausible it is as it is based in a simple way of thinking i.e. people buy more when the price is low and tend to hesitate when the price is high. The writer also gives a counter-argument to this thinking by giving an example of price of consumable water whose demand doesn't budge regardless of the price.

I chose this article because the writer discusses about a different topic related to the Law of demand which is relevant to the topic. That is one of the thing that stands out about the article to me as we learn the reasons as to why there are non-believers of this principle.

Image #1: Graphical Representation of the demand curve

angelshrestha35_ — 2023-12-01 03:35:59 UTC

This image is a graph that shows the relationship between Price of the product and the Quantity demanded also known as demand curve. This image helps to understand the law of demand in simple terms i.e., as the price of the product increases, the demand decreases and vice-versa.

I chose this image because it holds the main essence of the Law of demand and explains the law in a simple way.

Image #2: Definition of Law of Demand

angelshrestha35_ — 2023-12-01 03:41:30 UTC

This image holds the definition of the Law of demand in simple words. It is extracted from investopedia and defines Law of demand as a principle of economics that claims at a higher price consumers will demand a comparatively lower quantity of a product. It helps to briefly learn what the law is about with a quick glance.

Reflective Questions

angelshrestha35_ — 2023-12-01 03:48:41 UTC

What did you learn about your topic that surprised you the most?
The thing about Law of demand that surprised me the most is the fact that some people are skeptical about the validity and correctness of the law. Being one of the fundamental principle of economics, I thought it would be globally agreed upon without any doubts.
Provide a real-life example of how this topic is relevant or interesting
for you.
Learning about Law of demand helps to understand how the price and demand of the quantity interacts in the market. This will help me know the condition of the free market and whether there is demand for a product.
If you could pass on your knowledge to a family member or friend, what
do you think is the most important thing to pass on?
Besides the definition of the law itself, I would pass the knowledge about different shifters that has an impact on the demand curve of a product. These being Income effect, Substitution effect and law of diminishing marginal utility.