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Supply and Demand

QuestionAnswer
The price at which buyers and sellers agree to trade. Market Price
More products will be demanded at lower prices than at higher prices Law of Demand
Factors that influence consumer purchases of goods, services, or resources. Determinants of Demand
More products will be offerred for sale at higher prices than at lower prices. Law of Supply
Consists of eight reasons why the supply of a product will increase/decrease. (Cost of input, Productivity, Technology, Taxes, Subsidies, Expectation of the future, Government Regulations, Number of Sellers) Determinants of Supply
Too much is supplied so the price goes down. Surplus
Not enough of the product is available so the price will go up. Shortage
A graphical representaion of th law of supply. Supply Curve
A graphical representation of the law of demand. Demand Curve
Created by: mmize
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