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Supply and Demand

AB
Law of SupplyAs the price of a good or service goes up, the quantitiy supplied will go up
Law of DemandAs the price of a good or service goes up (or down), the quantity demanded will go up (or down)
Change in quantity demandedmovement along the demand curve, related to change in price
Change in quantitiy suppliedmovement along the supply curve, relaye to change i n price
Change in demandshift of the entire demand curve, related to a change in one or more of the determinants of demand
Change in supplyshift of the entire supply curve, related to a change in one or more of the determinants of supply
Determinants of Demandtastes and preferences, etc
Determinants of Supplycosts of labor, land, etc.
Equilibirium Pricepoint where the supply and demand curves intersect; most effecicient price


East Troy High School

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