Sustainable Economy 🌳An ideal and sustainable economy is one which provides for the greatest amount of general well-being with the least amount of resource use and environmental harm. 🌳 In economic terms, to be truly sustainable, the overall demand for natural resources (also known as ecological footprint) must be less than the nature’s renewable supply of resources (also known as biocapacity). Law of Demand 🌳The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good. 🌳In other words, the higher the price, the lower the quantity demanded. 🌳The amount of a good that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that good. 🌳As a result, people will naturally avoid buying a product that will force them to forgo the consumption of something else they value more. .