economics dont rember

What is demand

The quantity of a good or service that the person is willing and able to buy at a given price

PED

Measure how responsive QD is to a change In price

What shifts demand curve left

Left:lower income , decrease population, bad publicity , change in taste , price of substitute fall

Demand right

Right: higher income, increase population, increase in preference, price of substitute increase

Supply shifts right

Right: Lower production cost, better technology, more firms entering market, good weather

Supply left

Left:higher production costs, poor weather , taxes increase, firms leave market, supply chain problems