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The Law of Demand States That the Quantity Demanded of a Good

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The law of demand states that the quantity demanded of a good and


Definitions:

Price

The financial sum necessary to obtain a good, service, or property.

Budget Constraint

An economic model that depicts the combination of goods and services an individual, household, or firm can purchase, given their income and prevailing prices.

Leftover Income

The amount of money an individual or household has after all expenses and taxes have been paid; also known as disposable income.

Bundle

A collection or group of goods or services that are considered together as a single combined unit.

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