Demand and Notice

    Cards (2)

    • Demand (buyers):
      • the quality of a product that consumers are willing to purchase at a particular price at a given point in time.
      • As prices increase, the demand for that good or service decreases.
      • If the price decreases, the demand for that good or service increases
      = Law of demand
    • Supply (sellers):
      • How much of a product or service businesses are willing to sell at a certain price
      • When prices are higher, businesses want to sell more (supply increases) and when prices are lower, they want to sell less
      = law of supply