Supply and Demand PDF

Supply and demand refer to the behavior of people when interacting in a completive market Marke must have a buyer and seller A market is a group of buyer and seller for good and service Why buyer demand and seller supply \\ What is a competitive market A large group of buyer and seller where no...

Supply and demand refer to the behavior of people when interacting in a completive market Marke must have a buyer and seller A market is a group of buyer and seller for good and service Why buyer demand and seller supply \\ What is a competitive market A large group of buyer and seller where no seller or buyer can affect market price Know as price takers Because a buyer only can buy one item so price cant be affected and seller because if they rise the price no one will buy and if the lower the price they wont make profit Many buyer and seller where neither buyer nor seller can affect the market price because buyer can only buy one item and seller because if the higher the price no one will buy and if they lower the price there will not make money A market is a group of buyer ands seller of a good or service it must have a buyer and seller Why because a buyer demand and seller supply Supply and demand is refer to the behavior of people when interacting in a competitive market The law of supply and demand Meaning price go up and demand go down when price go down demand go up The quantity demanded The item your are able an willing to purchase meaning something you can afforded The demand schedules a schedule showing the relationship between the price and quantity Demand curve a graph showing the relationship between price and quantity Market demand All the demand of an individua l added together Shift in demand curve Increase in demand shift right When they are demanding more stuff Decrease in demand shift left When the market wants less Sift demand curve Price of related good Subsites when 2 good increase income a the demanded of the other lead to a increase Complement move in the same direction Tases if you like something you would like to buy more and if you don\'t like it you buy right Income a good which a income increased also led to increase of demand left Expectation =the view of the future may affect your demand for something today Number of buyers = the population of the country depend how many of these buyers are Price go up Law of supply price go up supply go up; price go down supply go down Quantity of supply the amount you can provide to he market Supply schedule is a schedule show the relationship between price and quantity Supply curve is a graph showing the relation between the price and quantity