Supply, Demand and Equilibrium

Front

Law of Demand

Back

Prices ↑, Quantity Demanded ↓; Prices ↓, Quantity Demanded ↑

Front

Substitutes

Back

Price of one ↑, Demand for other ↑

Front

Determinants of Demand

Back

tastes, price of related goods, Income, number of buyers, expectations

Front

Complements

Back

Price of one ↑, Demand for other ↓

Front

Law of Supply

Back

Prices ↑, Quantity Supplied ↑; Prices ↓, Quantity Supplied ↓

Front

Determinants of Supply

Back

number of sellers, productivity, input prices, taxes/subsidies, expectations

Front

Subsidy

Back

Benefit given by government

Front

Equilibrium price

Back

Quantity demanded = Quantity supplied

Front

Surplus

Back

Quantity supplied > Quantity demanded

Front

Shortage

Back

Quantity demanded > Quantity supplied