Determinants of Supply & Demand | AP Macroeconomics

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6 Terms

1
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What type of relationship is DEMAND?

Inverse/Indirect

2
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What type of relationship is SUPPLY?

Direct

3
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Law of Demand

- price INCREASES : quantity demand DECREASES
- price DECREASES : quantity demand INCREASES

4
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Law of Supply

- price INCREASES : quantity demand INCREASES
- price DECREASES : quantity demand DECREASES

5
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Demand Determinants

- Taste/Preference
- # of buyers
- Income
- Substitues
- Complements
- Consumer Expectations

6
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Supply Determinants

- Resource prices
- Tech
- Taxes & Subsidies
- Prices of other goods
- Producer expectations
- # of sellers in the market