The Law of Demand: Consumer Behavior in Action
Student Worksheet
Bread or rice during a famine works backward from ordinary demand, since families buy more of the staple as its price rises and they can no longer afford anything else, a pattern called a Giffen good. Designer handbags and high-end watches sit at the opposite extreme as Veblen goods, gaining appeal because they cost more. A $1.99 drip special pulled budget-conscious students from indie coffee shops in a classic substitution effect.
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