Introducing Supply and Demand
1. Demand - The Law of Demand
Veblen Goods
Some expensive commodities like diamonds, expensive cars, designer
clothing and other high-price limited items, are used as status symbols
to display wealth. The more expensive these commodities become, the
higher their value as a status symbol and the
greater the demand for them. The amount demanded of these
commodities increase with an increase in their price and decrease with a
decrease in their price. These goods are known as a Veblen goods.