Supply and Demand Cody L. Copus
Demand • Lists of the amounts of a product buyers are willing to buy at all possible prices. • Law of Demand • Price of good/service increases, quantity demanded decreases. • Price of good/service decreases, quantity demanded increases.
Supply • List of the amounts of a product sellers are willing to offer for sale at all possible prices during the same time period. • Law of Supply • Higher the price, the higher the quantity supplied • Lower the price, the lower the quantity supplied
S.&D. Graph Demand Supply www.economics.about.com
Supply is the list of amounts of a product sellers are willing to offer at all possible prices, well Demand is the list of amounts of a product the buyers are willing to buy at all possible prices. Therefore, buyers control the amount that is produced through demand and sellers control the price of the product produced through supply.