Supply and Demand Flashcards
1
Q
What is demand?
A
the quantity of a product that consumers are
willing and able to buy at a given price in a time period.
2
Q
What is supply?
A
the quantity of a product that firms are prepared
to supply at a given price in a time period
3
Q
Law of demand
A
Price and quantity demanded have an inverse relationship
4
Q
Law of supply
A
As price increases so does the willingness of supplier to supplu
