11757478
Description
Mind Map by lauren elliott, updated more than 1 year ago
|
Created by lauren elliott
over 6 years ago
|
|
Demand and supply
- MARKET
- Where buyers and sellers interact
Annotations:
- in order to sell goods and services
- Where buyers and sellers interact
- Law of demand
- the quantity of a product +the willingness of a
consumer to buy @ a givin price
- the quantity of a product +the willingness of a
consumer to buy @ a givin price
- law of supply
- the quantity of a product + the willingness of the
producers to make available for sale @ a given
price
- the quantity of a product + the willingness of the
producers to make available for sale @ a given
price
- Commoity
- refers to a raw material or primary agricultural
produt that can be bought+ sold
- refers to a raw material or primary agricultural
produt that can be bought+ sold
- 3 factors that would cause a shift in a demand
curve
- numbers of consumers
- change in expectations
- decrease in price
- numbers of consumers
- cause a shift in a demand curve
- change in cost
- Change in raw material
- change in labour
- change in cost
- Equilibrium
- price is when the suppliers and buyers are
happy to buy and sell the item for a certain
price
- price is when the suppliers and buyers are
happy to buy and sell the item for a certain
price
Want to create your own Mind Maps for free with GoConqr? Learn more.