The explanation for the law of demand begins with what key economic concept?

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good or service increases, the quantity demanded decreases, and as the price decreases, the quantity demanded increases. This is based on the key economic concept of unlimited wants confronting scarce resources. Consumers have unlimited wants but there are limited resources to produce goods and services, therefore consumers must make choices about what to buy based on the relative prices of different goods and services.

The Explanation for the Law of Demand Begins with What