Law of Demand Class 12 Economics Notes

Law of Demand

Economics class 12 : The law of demand refers to the link between an amount of the merchandise demanded and worth of a product. It shows AN inverse relationship between Demand and worth whereas different determinants remaining same. in keeping with the Alfred, the Great Marshal- quantity demanded will increase with the autumn in worth and reduce with the increase in worth.

“At any given time, the demand for trade goods or service at the prevailing worth is bigger than it might be at the next worth and fewer than it might be at a lower price” faculty member Thomas

Assumptions of Law- all the opposite determinants area unit constant. there's no amendment in financial gain, custom, quality, substitute merchandise, complimentary merchandise, style and preference, business enterprise measures etc.

Demand Schedule

It is the tabular illustration of the link between the demand for a product and a worth. There area unit 2 varieties of Demand Schedule

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