What is law of demand?

One of the most fundamental concept in the field of economics is Law of Demand. Law of Demand works in hand with Law of Suppo and looks after the all the possible economies allocated with the resources and how the price of a particular product and services is set. Law of Demand states that the price of goods and quantity is inversely proportional to each other. In simpler languages, if the price of a product or service increases the quantity of the same product or service will decrease.