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Supply and Demand
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Supply and Demand

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Covers the basics of the law of supply and demand, as well as some of the factors of production and demand.

Covers the basics of the law of supply and demand, as well as some of the factors of production and demand.

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Supply and Demand Presentation Transcript

  • 1. • Quantities of a particular good or  service consumers are willing and  able to buy at different possible  prices.
  • 2. • Consumers buy more of a good when  its price decreases and less when its  price increases. When price  Demand  When price  Demand  goes up… goes down… goes down… goes up…
  • 3. 1. Changes in income (the income  effect)… when income consumers goes up buy more when income consumers goes down buy less
  • 4. 2. Prices or availability of substitutes  (substitution effect)… a substitute is a good that can be used  • in place of another. or
  • 5. 3. Prices or availability of  complementary goods... complementary goods are things that  • are often are sold or used together &
  • 6. 4. Changes in the number of buyers... more  people  (buyers),  more sales
  • 7. 5. Changes in tastes & preferences… then… now…
  • 8. • Supply: The amount of a product  that is offered for sale at all possible  prices in the market.
  • 9. • Tendency of suppliers to offer more of a good at a higher price and less at  lower prices. When price  Supply  When price  Supply  goes up… goes up… goes down… goes down…
  • 10. • The law of demand  describes how  price affects  CONSUMERS… • And the law of  supply describes  how price affects  PRODUCERS
  • 11. 1. Cost of inputs (factors of  production)… when production supply costs go up goes down when production supply costs go down goes up
  • 12. 2. Changes in productivity… when productivity supply goes up goes up when productivity supply goes down goes down
  • 13. 3. Change in the number of sellers in  the market… More sellers in a market = increase  • supply. Fewer sellers in a market = decrease  • supply.
  • 14. • The equilibrium price is where  supply & demand intersect. equilibrium price