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Supply and Demand

The law of supply and demand determines what is produced in a free mkt. economy

TermDefinition
Economists The people who study economics
Opportunity Cost The opportunity that one gives up to do other things. 
Economics The study of how societies produce and distribute goods and services.
Consumers The people who buy goods and services to satisfy their wants and needs.
Demand How much of a good or services people are willing and able to buy at a particular price.
Law of Demand As the price of a good or services increases the demand for the good or services decreases.
Law of Supply As the price of any good or service increases, the supply increases. As the price of any good or service decreases the supply decreases.
Suppliers The people that make a good or a service available.  
Created by: betsywellman
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