Supply & Demand

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What Is Demand?

Demand: The combination of willingness and ability to buy on the part of consumers perhaps at a particular price.

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Non-Price Determinants of Demand

The 5 non-price determinants of demand are:

S: ubstitutes and compliments

P: opulation

I: ncome

T: astes and preferences

E: xpected future prices

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What Is Supply?

Supply: The amount of a product or service a business is willing and able to sell

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Non-Price Determinants of Supply

The 5 non-price determinants of supply are:

S: ubcides and taxes

C: ost of raw materials

E: xpected future prices

N: umber of firms

T: echnology

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