What is law of demand?

Do you mean the Law of Supply and Demand?

Do you remember when the Wii first came out and they were hard to find? Remember how people on eBay were selling them for 500 dollars and people were buying them at that price?

That is supply and demand at work. People wanted it so badly that they paid over twice what it was originally supposed to be sold for.

@gemiwing <——what you said – good analogy there.
I was gonna say:

Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. Price, therefore, is a reflection of supply and demand.

But I don’t think I will now. :0)

True answers above. For me, a gadget lover, the law of demand is, I’ve got to have that new thing RIGHT THIS SECOND!!! The law of supply is, it’s not on the market yet Arrrrgggghhhh!