Supply and Demand
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Introduction
Supply
- Amount of a good produced and offered for sale.
Demand
- Amount of a good consumers want to buy.
Graphing Supply
- Supply increases as price increases.
- Supply can shift up or down depending on many factors.
- Number of suppliers, Price, etc.
Graphing Demand
- Demand decreases and price increases.
- Demand shifts up or down depending on many factors.
- Income levels, Consumer preference, etc.
Supply, Demand, and Price
- Where supply and demand meet is the Equilibrium Price.
- Goods produced = Goods bought
- Markets will trend towards the equilibrium to prevent surplus and shortage of goods.
- When supply or demand shift, equilibrium price moves too.
Quiz (Again!)
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Hayden Wright
Created on October 9, 2024
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Transcript
Supply and Demand
Pop Quiz!
Introduction
Supply
Demand
Graphing Supply
Graphing Demand
Supply, Demand, and Price
Quiz (Again!)