UNIT 1: Supply & Demand

January 12th, 2016

Demand- the quantities that people are willing and able to buy at various prices.

Law of Demand- there is an inverse relationship between price and quantity demanded.

These are what causes a change in demand:

This is what a shift in supply looks like.

Supply: quantities producers/ sellers are willing & able to produce in various prices.

Law of Supply: states that there is a direct relationship between price and quantity supply.

These are what causes shifts in supply:

This is what a shift in supply looks like.