Economics Supply and Demand Mnidmap
- Created by: Beswick26
- Created on: 03-12-15 11:55
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- Demand
- The Law of Demand
- As price rises, demand for the good or service falls
- Factors that affect demand
- Income level
- Advertising and branding
- Prices of substitutes and complements
- Fashion
- The quantity of a good or service that consumers are willing and able to purchase at a particular price
- The Law of Demand
- Supply
- The quantity of a good or service that businesses will offer for sale at a particular price
- Factors that affect supply
- Cost of raw materials
- Wage rates - overtime may need to be paid for higher output
- Productivity of the workers
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