Demand vs. Supply with Gifen and Veblen Good

In economics, we have two different concepts. The law of demand and the law of supply. The law of demand is an economic law that states that consumers buy more of a good when its price decreases and less when its price increases (ceteris paribus), and  the law of supply is the tendency of suppliers to offer more of a good at a higher price. What is that mean? That mean for example: When you have 10€ you can buy 4 pieces of your favourite cake that cost 2.5€, but when the price decrease to 2€ you will buy  pieces because you can afford it. That is demand law. And what is supply law? Imagine that you are producer of mobiles, for example, and you want to make the highest profit as you can. Previous year was cost of mobile phones somewhere between 40€ and 100€, but for you it is not so high price so you didn´t give too much of your products to the stores. But this year the government had increase the tax for mobile phones so now they cost between 100€ and 200€, and you think about it as a good price so what you are going to do? Give more mobile phones to the stores to make more profit.

Than we have the veblen goods and the gifen goods, and these two concepts are only excepts from law of demand, but they have very simple reason for that. Gifen goods are products that we need for survive. For example bread. Even if the price of bread will increase, you will buy it, right? Because you need it. And than veblen goods are „snobbish“ products. Simple example: Ferarri. Now it is very expensive car and only few people can afford it and that is the point. If the price of Ferrari will decrease a lot and ordinary person will be able to afford it, the demand will decrease. Now it is so popular because every one wants it but only a few can afford it, but after decrease of the price the popularity will fall down.

And that were another of my new knowledge from economy