Economic Demand

This week in Econ Class we learned all about demand. We learned about the law of demand, demand schedule, and demand curve. We learned that in order to have demand, you have to have the desire to buy something and the ability to purchase something. The law of demand states that as the price of an item goes up, the quantity of that item will go down. Similarly, as the price of an item goes down, the quantity of that item will go up. We did some demand curves and schedules to prove this. I think that this basic principle is true but I feel that it is much more complex than this.  There are many factors that can effect the demand of a product or service.  There are things like consumer expectations, substitute goods, consumer taste, and market size that affect the demand of an item. I believe that income would be the biggest factor to affect demand. The more income a person has, the more willing a person would be to buy a product at a higher price. Income to me seems the most influential. I think the more money you have the more quantity you will buy also. The principle of  demand still relates to everyday buying and selling. The rule stays to true to every product or service that is sold even into today's market.