Demand And Supply Flashcards
1
Q
What is demand
A
Amount of a product that consumers are able and willing to buy at various prices over a period of time
2
Q
What are the factors that affect demand
A
Price Price of other good Changes in consumer income Fashion tastes and preferences Advertising Demographics External shocks
3
Q
What is supply
A
Quantity of a product that suppliers are able and willing to supply a product for
4
Q
What are the factors affecting supply?
A
Changes in cost of production. New technology Indirect tax Government subsides External shocks
