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Law of Demand: As prices increase, demand decreases.

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As prices decrease, demand increases.

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Demand in economics refers to the quantity of a good or service consumers are willing and able to buy at a specific price.

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It does not refer to the amount suppliers can provide, total production in a market, or government-set prices.

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Main goal of businesses providing goods/services?

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Satisfy needs and wants.

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Effect of finding a lower cost production source?

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Supply will increase.

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Changes a local business might make in poor economic times:

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Reduce prices, lay off staff, close locations.

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Ikea's motto

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Affordable Solutions for Better Living.