Econ -- Determinants of demand and supply

Determinats of demand

• population - as pop increases demand increases / goes up

• Income - as income increases demand increases/ goes up

• Fad/trend - as trend increases demand increases/ shifts up

• Substitute - as substitute increases demand decreases / shifts down

• complimentary good - as complimentary good increases demand decreases/ shifts down

Determinants of supply

• new tech - new tech increases supply increases / shifts below orig line

• Taxes - taxes increase supply decreases / shifts above orig line

• Competition - as comp increases supply decreases / shifts knobs orig line

• Factors of production

  • land - natural resources

  • Labor - work done to produce goods

  • capital - manufactured goods used to make other goods

Nothing

Nothing

Nothing

Nothing