Market Forces: Demand and Supply · Supply & Demand

The Law of Demand

Understanding consumer behavior and factors that cause changes in quantity demanded versus shifts in demand.

Key Questions

  1. 1What incentives are driving consumer behavior when the price of a substitute good falls?
  2. 2How do changes in income levels affect the demand for inferior goods compared to normal goods?
  3. 3Why do some luxury goods seem to defy the standard law of demand in certain social contexts?

MOE Syllabus Outcomes

MOE: Demand and Consumer Behaviour - S3
Level: Secondary 3
Subject: Economics
Unit: Market Forces: Demand and Supply
Period: Supply & Demand

Suggested Methodologies

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