Law of Demand

What Does Law Of Demand Mean?
A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease and vice versa.

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What is Law

Law is a system of rules a society sets to maintain order and protect harm to persons and property. Law is ancient, dating back at least to the Code of Hammurabi, written by an ancient Babylonian king around 1760 BC. Today, most countries have tens or hundreds of thousands of pages of law. Laws are enforced by the police, supported by the court and prison systems. Laws are written by legislators, such as senators or congressmen. In America and many other countries, laws must uphold and not contradict the Constitution, a document outlining the most basic rules of the country.

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