Demand and supply

Demand and supply

1. MARKET

   • Where buyers and sellers interact
     • in order to sell goods and services 

2. Law of demand

   • the quantity of a product +the willingness of a consumer to buy @ a givin price

3. law of supply

   • the quantity of a product + the willingness of the producers to make available for sale @ a given price

4. Commoity

   • refers to a raw material or primary agricultural produt that can be bought+ sold

5. 3 factors that would cause a shift in a demand curve

   • numbers of consumers
   • change in expectations
   • decrease in price

6. cause a shift in a demand curve

   • change in cost
   • Change in raw material
   • change in labour

7. Equilibrium

   • price is when the suppliers and buyers are happy to buy and sell the item for a certain price