Law of Demand
In the study of Economics, Demand pertains to the willingness and preparedness of consumers to purchase goods and services for a specific price. This preparedness is determined by the price and value of the goods and, of course, consumer preference.
The actual Law of Demand stipulates an inversely proportional relationship between Supply and Demand. With the rise in the prices of commodities, the number of supply decreases. On the other hand, while the price plummets, the supply goes up.
What should be noted with the law of Demand is that its thorough understanding allows for the prediction of economic events. One such example would be with the decrease in the demand for housing, it can be assumed that the economy is at a weak phase.