Economic Glossary | Law of Demand | Bankers Algo
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Economic Glossary

    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 decrease, 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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Word of the day

Famish(v)

Meaning:

Reduce someone to extreme hunger

Synonyms: abstain, deny oneself, diet, fast

Antonyms: eat, glut, gorge, stuff

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What is the sum of positive integers less than 100 which leave a reminder 1 when divided by 3 and leave a remainder 2 when divided by 4?

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