Demand and Supply

Question 1

what are the 5 non price factors of demand

Answer 1

1. price of related
2. Expectations of consumers
3. Level of Disposable Income
4. Tastes/Preferences
5. Demographic factors

Question 2

what are the 5 non price factors of Supply

Answer 2

1. Price of other goods
2. Expectations of producers
3. Number of sellers
4. Cost of Production
5. Technology

Question 3

what does surplus mean + draw a graph

Answer 3

excess supply = price decrease

Question 4

what does shortage mean + draw a graph

Answer 4

excess demand = price increase