Demand and supply

MARKET
1. Where buyers and sellers interact
  Annotations:
  - in order to sell goods and services
Law of demand
1. the quantity of a product +the willingness of a consumer to buy @ a givin price
law of supply
1. the quantity of a product + the willingness of the producers to make available for sale @ a given price
Commoity
1. refers to a raw material or primary agricultural produt that can be bought+ sold
3 factors that would cause a shift in a demand curve
1. numbers of consumers
2. change in expectations
3. decrease in price
cause a shift in a demand curve
1. change in cost
2. Change in raw material
3. change in labour
Equilibrium
1. price is when the suppliers and buyers are happy to buy and sell the item for a certain price

Resource summary

	Created by lauren elliott over 6 years ago