Business Quote by Ahmed Zaki Yamani
“The first law of economics is that when the price goes up, consumption comes down. This is a divine law.”
About This Quote
Source Speech: Interview on Oil Markets, 1970s
Higher prices reduce demand, reflecting basic economic behavior and a perceived natural order.
In simple terms: Price up, demand down.
Key Takeaway
Expect demand to fall when prices rise.
Themes
economics
price
demand
Mood
analytical
neutral
Type
economic
observational
When to use this quote
- policy planning
- budgeting
- pricing strategy
- energy markets
Key Concepts
law of demand
market dynamics
Questions to Reflect On
- How do you adjust pricing in essential markets?
- When might higher prices increase demand?
A Different Perspective
Ignores factors like in, substitutes, or essential goods.
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