Demand and Supply Explained- Macro Topic 1.4 (Micro Topic 2.1)

Mr. Clifford introduces the concept of demand in economics, focusing on the law of demand, which states an inverse relationship between price and quantity demanded. He explains the demand curve and reasons for its downward slope, including substitution and income effects, and diminishing marginal utility. The video also covers factors that shift the demand curve, such as tastes, number of consumers, and income. Mr. Clifford differentiates between changes in quantity demanded and demand, emphasizing the role of price and other determinants. The video concludes with practical advice on milk consumption.

What new insight or understanding did you gain from this video?

Evaluate responses using AI:

OFF