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Supply and Demand

QuestionAnswer
Demand The desire, willingness & ability to purchase a G & S (at all possible prices)
Law of Demand As price increases, quantity demanded decreases, as price decreases quantity demanded increases
Factors Affecting Demand a) tastes & preferences b) income change c) population change d) change with substitute goods e) change with complementary goods f) expectations
Substitute Goods Image result for Substitute goods Substitute goods are goods which, as a result of changed conditions, may replace each other in use
Complementary Goods A good's demand is increased when the price of another good is decreased.
Elastic Demand Price significantly affects the quantity demanded
Inelastic Demand Price has minimal affect on quantity demanded
Utility The power of a G/S to satisfy a want or need (the product's usefulness)
Law of Diminishing Marginal Utility The amount of satisfaction decreases w/ each additional purchase (ex: eating a 3rd, 4th or 5th hotdog, seeing a movie for a 2nd, 3rd, or 4th time)
Supply The amount of a G/S that producers are willing to produce at various prices
Law of Supply As the price increases quantity supplied increases as the price decreases quantity supplied decreases
Factors Affecting Supply a) number of competitors b) production cost (price of inputs) c) productivity d) technology e) gov't regulations f) taxes & subsidies
Equilibrium Price/ Market price The price point where quantity supplied meets the quantity demanded
Shortage Having more quantity demanded than supplied (not enough G & S)
Surplus Having more quantity supplied than demanded (left over G & S)
Created by: livilou541
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