Demand and Supply
DEMAND AND SUPPLY Demand: In economics, demand refers to the quantity of a good or service that consumers are willing and able to buy at different prices during a certain time period. Key points: *Law of Demand: When the price goes up, the quantity demanded goes down—and vice versa (assuming all other factors remain the same). *Demand is influenced by factors like income, tastes, prices of related goods, and expectations . Supply: In economics, supply is the quantity of a good or service that producers are willing and able to offer for sale at different prices during a certain time period. Key points: *Law of Supply: When the price goes up, the quantity supplied increases—and vice versa (assuming other factors remain constant). *Supply is influenced by factors like production cost, technology, number of sellers, and expectation