Microeconomics - Determinants of Demand & Supply
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12 Terms
Legislation
A change in supply caused by government action
Technology
A change in supply based on improvements to existing processes
Vendors
A change in supply based on a change of the number of sellers
Output of Labour
A change of supply based onoptimisation of existing processes
Expected Change of Demand
A change of supply based on a reaction to a change in demand
Incoming Cost Change
A change of supply based on
Substitute
A change in demand based on finding a comparable product that also fits people’s needs
Complement
A change in demand based on a product’s ability to sell alongside another product
Income Change
A change in demand based on consumer’s ability to spend more on wants
Institute and Population
A change in demand based on a change in the number of consumers
Future Price Change
A change in demand based on upcoming changes in costs
Taste & Preferences
A change in demand based on existing customers weighing pros and cons of products
