supply and demand
- Created by: jacksie
- Created on: 16-12-20 12:58
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- Supply and demand
- Demand
- determinants of demand
- the price of substitute goods
- Mars bars and snickers
- if snickers rise demand for mars will rise
- Mars bars and snickers
- Income
- wealth effect
- more demand with more purchasing power
- wealth effect
- population size
- more people more likely thatt there is more demand
- changes in legislation
- ciggarettes
- advertising
- succesful advertising campaign
- the price of substitute goods
- law of diminishing marginal utility
- jeremy bentham
- augment happiness
- paradox of value
- adam smith
- water so cheap
- the more ready available a good
- less utility it brings
- the more ready available a good
- water so cheap
- adam smith
- jeremy bentham
- upward sloping
- veblen goods
- snob-appeal
- speculative goods
- stocks booming
- veblen goods
- determinants of demand
- supply
- determinants
- costs of production
- incentivised by profits
- cheaper production
- more profitable
- increased supply
- more profitable
- cheaper production
- labour costs
- wages
- technology
- make production more efficient
- more profitable
- increased supply
- more profitable
- make production more efficient
- incentivised by profits
- price of complementary goods
- tennis balls and rackets
- government legislation
- increases cost of production
- tax on tobacco
- increases cost of production
- interest rates
- low
- more investment
- low
- weather
- agricultural markets
- future events
- prices to rise
- stockpile resources
- raw materials
- more profit in future
- stockpile resources
- prices to rise
- producer cartels
- OPEC
- oil restriction
- less supply
- higher prices
- less supply
- oil restriction
- OPEC
- costs of production
- determinants
- price elasticity
- supply
- quantity supplied over price change
- percentage change
- availability of substitutes
- producer substitutes
- if it can easily switch
- and change the pattern of productioin
- elastic
- and change the pattern of productioin
- if it can easily switch
- producer substitutes
- time
- the shorter the period
- more difficult to switch between products
- some are inelastic over a longer period
- crop failure of hazelnuts
- spare capacity
- if there is more can easily supply more
- however the good
- changes if it can be stockpiled
- wheat
- Untitled
- wheat
- changes if it can be stockpiled
- however the good
- if there is more can easily supply more
- the shorter the period
- quantity supplied over price change
- supply
- Demand
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