Price, Non-Price, Supply and Demand

a person who buys goods/services

• consumer

• producer

• supply

• demand

a person who makes/sells goods/services

• consumer

• producer

• supply

• demand

desire to buy a good/service

• demand

• supply

• consumer

• producer

amount of goods a business has to sell

• consumer

• producer

• demand

• supply

most important factor that affects quantity demanded/supplied

• price

• consumer

• producer

• time

amount of product demanded at a particular price

• quantity demanded

• quantity supplied

• non-price determinants

• producer

amount of a product supplied at a particular price

• quantity demanded

• quantity supplied

• consumer

• non-price determinants

LAW OF DEMAND: If price goes UP, demand goes

• UP

• DOWN

• STAYS THE SAME

LAW OF DEMAND: If price goes down, demand goes

• UP

• DOWN

• STAYS THE SAME

LAW OF SUPPLY: If price goes UP, supply goes

• UP

• DOWN

• STAYS THE SAME