Basic Microeconomics (lesson 3)

Quantities of a particular good or service consumers are willing and able to buy at different possible prices.

Consumers buy more of a good when its price decreases and less when its price increases.

What are the factors of demand?

When incomes goes up, consumers buy more. When income goes down, consumer buy less.

A substitute is a good that can be used in place of another.

Complementary goods are things that are often sold or used together.

More people (buyers) more sales.

The amount of product that is offered for sale at all possible prices in the market.

Tendency of suppliers to offer more of a good at a higher price and less at lower price

What are the factors of supply?