PRINCIPLES OF ECONOMICS
Completion requirements
INTRODUCTION TO THE PRINCIPLES OF ECONOMIC
Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing.
2. Demands
2.1. Law of demand
The law of demand states that, all else being equal, as the price of a good or service decreases, the quantity demanded increases. Conversely, as the price increases, the quantity demanded decreases. This reflects an inverse relationship between price and quantity demanded