Supply & Demand
L1
Demand refers to how much (quantity) of a product or service is desired by buyers at a given price
The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price
Factors affecting Demand:
Population
Advertising and Publicity
Price of competitors
Incomes
Tastes & fashions
Social & demographic
Seasonal
Government action
Factors affecting Supply:
Taxes
Subsidies
Technology/productivity
Weather (agriculture)
Unexpected conditions
Expectations of future prices
Firms entering and leaving the market
L3:
Negative affects will move the graph to the left
Positive affects will move it to the right
Demand refers to how much (quantity) of a product or service is desired by buyers at a given price
The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price
Factors affecting Demand:
Population
Advertising and Publicity
Price of competitors
Incomes
Tastes & fashions
Social & demographic
Seasonal
Government action
Factors affecting Supply:
Taxes
Subsidies
Technology/productivity
Weather (agriculture)
Unexpected conditions
Expectations of future prices
Firms entering and leaving the market
L3:
Negative affects will move the graph to the left
Positive affects will move it to the right