Law of Demand Example of the law of demand Law of Demand ⇐ Use
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captions if using these subtitles. - In this video we're gonna
talk about the law of demand - which is one of the core ideas of
micro-economics. - And luckily for us, it is a fairly intuitive
idea. - It just tells us that if we raise the price of a
product, - that will lower the quantity demanded for the
product. - The quantity demanded will go down, - and you can
imagine the other side of that. - If we lower the price of a
product, - that will raise the quantity demanded of that
product. - And the law of demand says, just kind of generally -
what we'll see in a few videos from now, - that there are some
exceptions to this. - But to make this a little concrete, -
let's think about the demand for a certain product. - And one
thing I'm gonna clear here, - and I want to take great pains to
not mess this up, - is that when we