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LAW OF DEMAND: The inverse relationship between demand price and the quantity demanded, ceteris paribus. This fundamental economic principle indicates that as the price of a commodity decreases, then the quantity of the commodity that buyers are able and willing to purchase in a given period of time, if other factors are held constant, increases. This law is incredibly important to the study of economics. If you compiled a top ten list of economically important laws, the law of demand would be right there at the top.

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Lesson 7: Market Equilibrium | Unit 3: A Graph Page: 12 of 22

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  • How the market graph is obtained by combining the demand curve and the supply curve into the same space.
  • How market equilibrium is reached at the intersection of the demand and supply curves.
  • The equilibrium price as the only price that generates equality between the quantity demanded and the quantity supplied.


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AGGREGATE DEMAND SHIFTS

Changes in the aggregate demand determinants cause the aggregate demand curve to shift. The mechanism is comparable to that for market demand determinants and market demand. There are two alternatives--an increase in aggregate demand and a decrease in aggregate demand. An increase in spending by any of the four sectors--household, business, government, and foreign--shifts the aggregate demand curve to right. A decrease in spending by these four sectors shifts the aggregate demand curve to left.

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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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