The Law of Demand is a key idea in economics. It says that when prices go down, people usually want to buy more of that item, as long as everything else stays the same.

Consumer Behavior:

• If the price of something drops by 10%, we might see a 20% jump in how much people want to buy.
• For example, think about coffee. If the price drops from £2.00 to £1.80, more people will want to buy it. This could mean going from 100 cups sold to 120 cups sold.

Statistics:

• Some items, like bread, don’t change much in demand when their prices go up or down. We call these "inelastic" goods.
• On the other hand, items like electronics are different. They are "elastic" goods. A small price change of just 5% can cause a big change in how many people want to buy them—sometimes by as much as 15%.