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3.9: Introduction to Demand

Last updated

Dec 6, 2020
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- 3.8: Economic Systems
- 3.10: What Is Demand?

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What you’ll learn to do: explain the determinants of demand

Imagine that Ben & Jerry’s has a promotion to discount the price of their ice cream next summer. What do you think will happen to the amount of Ben & Jerry’s ice cream that people will want to buy? The likely result is that people will buy more ice cream. By the same token, if the price of the ice cream were to rise next summer, then ice cream purchases would likely fall. In this section, you will examine this “law of demand” and see why this simple concept is essential to understanding economics.

Contributors and Attributions

Outcome: Demand. Authored by: Lumen Learning and NGCC Team. License: CC BY: Attribution

Ben and Jerry's. Authored by: cp thorton. Provided by: Flickr. Located at: https://www.flickr.com/photos/cpthornton/32559722914/in/photolist-RBc6g1-3Qb997-21LM3K-aaJ1QB-aaJ2fn-aaLRaL-maHjcR-dzPR2z-bXcH4L-dzVkPu-9RZgsZ-nmrxpc-aaLQPf-aaLRuy-aaLRns-avXg7m-9RZhpn-7QKa3f-3hGQmk-aaJ3r6-okKcv-aaLQAJ-aaJ3bX-pwzXYm-58gJhC-aaLRh3-byVBQi-DofTm-5zobyz-aaLRKE-8YHARa-cLkpGC-85MHQC-dt5Bv-dRgyr-9euTVY-dzPREF-4Wzyqt-dzPR6F-2kwqw-4EUPEW-9JiHcm-tEAVvD-dzVkaL-9S3buN-8BT3oh-soQ2VP-dzVjwC-71ydPo-dzPRJR. License: CC BY: Attribution

What you’ll learn to do: explain the determinants of demand

Contributors and Attributions

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