Explain the Law of Demand

question 188

Essay

Explain the law of demand. What does it tell us about the shape of a demand curve?

---

Definitions:

Lower South

A region of the United States, historically defined as those states most dependent on plantations and slave labor before the Civil War, including states like Alabama, Georgia, Louisiana, and South Carolina.

Major Crop

A primary agricultural product that is widely grown and typically forms a significant part of a region's economy.

Slave Labor

Work done under force or threat, without proper remuneration or consent, by individuals considered as property.

Industrialization

The transformation from an agricultural-based economy to one dominated by industry and machine manufacturing, typically seen as a hallmark of economic development.