In this module, we've discussed fundamental concepts in economics. Let's recap.

The law of demand describes the behavior of buyers. In general, people will demand - that is buy - more of a good or service at lower prices than at higher prices. When this relationship is graphed, the result is a demand curve.

A change in price results in movement along the demand curve from one point to another and is called a change in the quantity demanded. When other factors in the market change, the demand curve shifts to the left or the right. This is a change in demand.

There are several resources you may find helpful of the basic content discussed in this module.

The Economic Lowdown Podcast Series:
www.stlouisfed.org/education_resources/podcasts.cfm

The Economic Lowdown Video Companion Series:
www.stlouisfed.org/education_resources/video_podcasts.cfm

Now, click next to take the assessment and demonstrate your understanding of the material provided in this module.