{"id":5696,"date":"2016-07-27T18:09:50","date_gmt":"2016-07-27T18:09:50","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/masterybusiness2xngcxmasterspring2016\/?post_type=chapter&#038;p=5696"},"modified":"2019-01-05T01:41:20","modified_gmt":"2019-01-05T01:41:20","slug":"video-the-law-of-demand","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/chapter\/video-the-law-of-demand\/","title":{"raw":"Video: The Law of Demand","rendered":"Video: The Law of Demand"},"content":{"raw":"Demand describes the amount of goods or services that consumers want to (and are able to) pay to purchase that good or service.\u00a0Before learning more about the details of demand, watch this video to get a basic understanding about what it is and its importance to understanding economic behavior.\r\n\r\nhttps:\/\/youtu.be\/uXlZIn6W7Ew?t=1s\r\n\r\nThe law of demand states that, other things\u00a0being equal,\r\n<ul>\r\n \t<li>More of a good will be bought the lower its price<\/li>\r\n \t<li>Less of a good will be bought the higher its price<\/li>\r\n<\/ul>\r\n<em>Ceteris paribus<\/em> means \"other things being equal.\"","rendered":"<p>Demand describes the amount of goods or services that consumers want to (and are able to) pay to purchase that good or service.\u00a0Before learning more about the details of demand, watch this video to get a basic understanding about what it is and its importance to understanding economic behavior.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"Episode 11 - Demand\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/uXlZIn6W7Ew?start=1&#38;feature=oembed\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>The law of demand states that, other things\u00a0being equal,<\/p>\n<ul>\n<li>More of a good will be bought the lower its price<\/li>\n<li>Less of a good will be bought the higher its price<\/li>\n<\/ul>\n<p><em>Ceteris paribus<\/em> means &#8220;other things being equal.&#8221;<\/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-5696\">\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>Introductory Text. <strong>Provided by<\/strong>: Lumen Learning. <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>Episode 11: Demand. <strong>Authored by<\/strong>: Dr. Mary J. McGlasson. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=uXlZIn6W7Ew&#038;feature=youtu.be\">https:\/\/www.youtube.com\/watch?v=uXlZIn6W7Ew&#038;feature=youtu.be<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-nc-nd\/4.0\/\">CC BY-NC-ND: Attribution-NonCommercial-NoDerivatives <\/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":26,"menu_order":13,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Episode 11: Demand\",\"author\":\"Dr. Mary J. 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