Lect-6 | What is LAW of Demand | Basic Economics-I | Dr. Sunil Sarbhangia

Описание: This video, presented by Dr. Sunil Sarbhangia, is the sixth lecture in the Basic Economics-I series and focuses on the law of demand, a fundamental concept in microeconomic theory. The law of demand states that as the price of a good or service increases, the quantity demanded decreases, and vice versa. Understanding the law of demand is crucial for businesses to develop effective strategies and make informed decisions about pricing, production, and distribution. The lecture covers key topics such as demand analysis, demand forecasting, and the factors that influence consumer behavior and consumer choices. It also explores the relationship between demand and supply, market equilibrium, and the concept of price elasticity. By grasping the principles of the law of demand, students of economics, including those studying ib economics and economics class 11, can better comprehend the economic principles that govern the market for goods and services. The lecture is designed to provide a comprehensive understanding of the law of demand, including its assumption, demand curve, and demand shift, and how it interacts with the law of supply to determine equilibrium prices and quantities. Through this lecture, viewers can gain valuable insights into the world of business economics and develop a deeper understanding of economic theory and its applications in real-world markets.