Demand & Supply Flashcards
1
Q
Define demand
A
The quantity of goods consumers wish to purchase at each conceivable price
2
Q
What are the causes of a change in demand?
A
Tastes/preferences
Income
Amount/price of subs
Expectations
3
Q
Define supply
A
The quantity of goods producers wish to sell in the market at each conceivable price
4
Q
Causes of a change in supply
A
Cost of production
Profitability of subs
Natural/random shocks
Expectation
