Supply, Demand, Markets and Equilibrium Flashcards
1
Q
what is demand?
A
The amount of a good or service which a consumer buys at a given price
2
Q
the factors affecting demand
A
- income of customers
- substitutes
- advertising
- seasonal
- changes in taste/fashion
- complimentary goods
3
Q
what is supply
A
the total amount of a given product or service a supplier offers to consumers at a given period and a given price level
4
Q
factors affecting supply
A
- price
- number of suppliers
- state of technology
- subsides
- weather conditions
- availability of workers
