2. Amaliy mashg‘ulotlari 1- jadval № Amaliy mashg‘ulotlar mavzulari

History 
David Ricardo, one of the people who noticed the law of supply and demand 
One of the first to see this was Adam Smith. In his book The Wealth of Nations 
(1776), he says that the demand was dependent on the price of a good. He did 
not see the inverse, that the demand also influences the price. David Ricardo 
published the book Principles of Political Economy and Taxation in 1817, 
where he explained market equilibrium as it is explained above. Others who are 
known for this model are Alfred Marshall and Léon Walras. 
Goods and markets where the rules are different. 
There are certain goods which violate the model above. 
A Giffen good is one where people consume more, if the price for a better good 
rises. 
There are certain goods which people buy to display their wealth or spending 
power. These goods are called luxury goods, and the effect is known as 
conspicuous consumption. In economics, the goods are known as Veblen goods. 
It is possible to classify consumers by the amount of money they have 
available; there are also certain kinds of goods where the demand for a certain 
good by people of a higher income level is inversely related to the demand for 
the good by individuals of a lower income level. This is known as the snob 
effect. 
The rules above are only valid for a perfect competition market: In such a 
market, there are many buyers and sellers, and no single buyer or seller can 
directly influence the price. If either the buyers or the sellers can influence this 
price, the market will react differently. Sometimes there is only one supplier (a 
monopoly). When this happens, the supplier chooses the price and the demand 

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only determines how much is bought. The supplier will probably raise the price 
very high as long as people are still willing to buy at that price. If there is only 
one buyer, the market is called monopsony, and that buyer is able to fix the 
price.