Demand and Notice

• 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