{"id":4785,"date":"2017-07-01T02:48:54","date_gmt":"2017-07-01T02:48:54","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/chapter\/outcome-demand\/"},"modified":"2018-01-30T14:17:46","modified_gmt":"2018-01-30T14:17:46","slug":"introduction-to-demand","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/oldwestbury-wm-macroeconomics\/chapter\/introduction-to-demand\/","title":{"raw":"Introduction to Demand","rendered":"Introduction to Demand"},"content":{"raw":"<h2>What you\u2019ll learn to do: explain the determinants of demand<\/h2>\r\n<img class=\" wp-image-5579 aligncenter\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2017\/07\/06034237\/32559722914_81d2a488da_k.jpg\" alt=\"\" width=\"612\" height=\"299\" \/>\r\n\r\nImagine that Ben &amp; Jerry's has a promotion to discount the price of their ice cream next summer. What do you think will happen to the amount of Ben &amp; Jerry's ice cream that people will want to buy? The likely result is that people will buy more ice cream. By the same token, if the price of the ice cream were to rise next summer,\u00a0then ice cream purchases\u00a0would likely\u00a0fall. In this section, you\u00a0will examine this \"law of demand\" and see why this simple concept is essential to understanding economics.","rendered":"<h2>What you\u2019ll learn to do: explain the determinants of demand<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-5579 aligncenter\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2017\/07\/06034237\/32559722914_81d2a488da_k.jpg\" alt=\"\" width=\"612\" height=\"299\" \/><\/p>\n<p>Imagine that Ben &amp; Jerry&#8217;s has a promotion to discount the price of their ice cream next summer. What do you think will happen to the amount of Ben &amp; Jerry&#8217;s ice cream that people will want to buy? The likely result is that people will buy more ice cream. By the same token, if the price of the ice cream were to rise next summer,\u00a0then ice cream purchases\u00a0would likely\u00a0fall. In this section, you\u00a0will examine this &#8220;law of demand&#8221; and see why this simple concept is essential to understanding economics.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-4785\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Outcome: Demand. <strong>Authored by<\/strong>: Lumen Learning and NGCC Team. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Ben and Jerry&#039;s. <strong>Authored by<\/strong>: cp thorton. <strong>Provided by<\/strong>: Flickr. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.flickr.com\/photos\/cpthornton\/32559722914\/in\/photolist-RBc6g1-3Qb997-21LM3K-aaJ1QB-aaJ2fn-aaLRaL-maHjcR-dzPR2z-bXcH4L-dzVkPu-9RZgsZ-nmrxpc-aaLQPf-aaLRuy-aaLRns-avXg7m-9RZhpn-7QKa3f-3hGQmk-aaJ3r6-okKcv-aaLQAJ-aaJ3bX-pwzXYm-58gJhC-aaLRh3-byVBQi-DofTm-5zobyz-aaLRKE-8YHARa-cLkpGC-85MHQC-dt5Bv-dRgyr-9euTVY-dzPREF-4Wzyqt-dzPR6F-2kwqw-4EUPEW-9JiHcm-tEAVvD-dzVkaL-9S3buN-8BT3oh-soQ2VP-dzVjwC-71ydPo-dzPRJR\">https:\/\/www.flickr.com\/photos\/cpthornton\/32559722914\/in\/photolist-RBc6g1-3Qb997-21LM3K-aaJ1QB-aaJ2fn-aaLRaL-maHjcR-dzPR2z-bXcH4L-dzVkPu-9RZgsZ-nmrxpc-aaLQPf-aaLRuy-aaLRns-avXg7m-9RZhpn-7QKa3f-3hGQmk-aaJ3r6-okKcv-aaLQAJ-aaJ3bX-pwzXYm-58gJhC-aaLRh3-byVBQi-DofTm-5zobyz-aaLRKE-8YHARa-cLkpGC-85MHQC-dt5Bv-dRgyr-9euTVY-dzPREF-4Wzyqt-dzPR6F-2kwqw-4EUPEW-9JiHcm-tEAVvD-dzVkaL-9S3buN-8BT3oh-soQ2VP-dzVjwC-71ydPo-dzPRJR<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":29,"menu_order":4,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Outcome: Demand\",\"author\":\"Lumen Learning and NGCC Team\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Ben and Jerry\\'s\",\"author\":\"cp 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