The Law of Demand is a fundamental concept in economics. It describes an inverse or negative relationship between the price of a good or service and the quantity demanded by consumers over a specific time period. So, when the price goes up, people want less of that thing. And when the price goes down, people want more. It's like a see-saw, one side goes up (price), the other side (demand) goes down! 🎢

The fancy term for "all else being equal" is 'ceteris paribus'. It means we assume everything else in the market stays the same while we're focusing on price and quantity.

Imagine the newest Playstation, let's call it PS6, is just released and costs $600. You might want one, but at that price, it's too steep for your pocket. But what if the price dropped to $400? Suddenly, you and many other gamers might think it's affordable and buy it. The quantity demanded (how many people want to buy a PS6) increases when the price decreases.

It's simple. As consumers, our purchasing power is limited by our budget. If the price of an item rises, it becomes more expensive for us to buy the same quantity as before. Thus, we either buy less or choose not to buy at all, reducing the quantity demanded.