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Supply and Demand

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Supply and Demand
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  • I don't think anyone wants to buy our hot chocolate...
  • - Demand: The desire, willingness and ability to buy a good or service. (the line on the graph)- Effective Demand: Must want to buy, Must be willing to but, Must have the resources to buy.- Market Demand: The total amount of demand created by all consumers for a product.- Quantity Demanded: The amount of a good or service that consumers are willing and able to buy at Each Specific price. (dot on the line)- Law of Demand: Consumers are willing to buy more at lower prices than higher prices. The relationship between price and quantity demanded is INVERSE (opposite).- Things that affect the law of demand: Income effect: When consumers have more money they are willing to buy more.Substitution effect: The tendency of consumers to replace a higher priced products with similar, cheaper products. Example: Why buy a can of Pepsi when the price of a can of Coke is cheaperLaw of diminishing marginal utility: As consumers consume more of a product, each additional unit becomes less satisfying.
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