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4 Cards in this Set
- Front
- Back
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Demand: |
refers to how much of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price |
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Supply: |
Represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. |
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The Law of Demand: |
States that if all other factors remain equal, the higher the price of a good, the less people will demand that good. The higher the price, the lower the quantity demanded. |
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The Law of Supply: |
Demonstrates the quantities that will be sold at a certain price. The supply relationship shows an upward slope. The higher the price, the higher the quantity supplied. |
