Demand and Supply

Ability and willingness to buy specific quantities of goods in a given period of time at a particular price, ceteris paribus

Ability and willingness to sell or produce a particular product or service in a given period of time at a particular price, ceteris paribus

Law of demand

• Ability and willingness to sell or produce particular product or service in a given period of time at a particular price, ceteris paribus

• Ability and willingness to buy specific quantities of goods in a given period of time at a particular price, ceteris paribus.

• The higher the price of the product, the lower the quantity demanded. The lower the price of the product, the higher the quantity demanded.

• The higher the price of the product, the higher the quantity demanded. The lower the price of the product, the lower the quantity demanded.

Law of supply

• Ability and willingness to sell or produce particular product or service in a given period of time at a particular price, ceteris paribus

• Ability and willingness to buy specific quantities of goods in a given period of time at a particular price, ceteris paribus.

• The higher the price of the product, the lower the quantity supplied. The lower the price of the product, the higher the quantity supplied.

• The higher the price of the product, the higher the quantity supplied. The lower the price of the product, the lower the quantity supplied.

We should position ourselves as _________while learning about supply.

We should position ourselves as _________while learning about demand.

What Curve is this?

• Supply

• Elastic Supply

• Demand

• Elastic Demand

What Curve is this?

• Supply

• Elastic Supply

• Demand

• Elastic Demand

What Curve is this?

• Supply

• Elastic Supply

• Demand

• Elastic Demand

• Movement along the demand curve

• Movement along the supply curve

• Shift in the demand curve

• Shift in the supply curve