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Supply and Demand

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  • 1. Supply and Demand
  • 2. Price Amount at which a good/service will be sold in a market
  • 3. Supply How much of a good/service a producer is willing and able to produce at a given price -Seller’s Market
  • 4. SupplyDollars $40.00 $30.00 $20.00 $10.00 100 200 300 400 500 Quantity
  • 5. Demand An individual’s need/want for a good/service at a given price -Buyer’s Market
  • 6. DemandDollars $40.00 $30.00 $20.00 $10.00 100 200 300 400 500 Quantity
  • 7. Law of Demand As the price of a good/service decreases, the demand of that good/service will increase.
  • 8. Law of Supply As the price of a good/service increase/decreases, the supply of that good/service will also increase/decrease.