An increase in the price of a good or service encourages people to look for substitutes, causing the quantity demanded to decrease, and vice versa. This well-established relationship between price and quantity demanded, known as the law of demand, exists as long as other factors influencing demand do not change.
Standard detail
1.
Benchmark
Depth 1Parent ID: 495C5878871C44348EB4BE6119E0E6BCStandard set: Grades 5, 6, 7, 8
Original statement
Quick facts
- Statement code
- 1.
- List ID
- 1.
- Standard ID
- FA05C2B7FC744A1C965529BD5F54D010
- ASN identifier
- S2604739
- Subject
- Economics
- Grades
- 05, 06, 07, 08
- Ancestor IDs
- 495C5878871C44348EB4BE6119E0E6BC
- Source document
- Voluntary National Content Standards in Economics (2010)
- License
- CC BY 3.0 US