Demand and supply

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6 Terms

1
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Consumers

who are able and willing to buy

2
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Movement on the demand curve

when a change in price results in movment on the demand curve

3
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Factors that cause a shift in the demand curve

increase in income, a rise in the price of substitutes, change in taste, increase in advertising, a rise in population

4
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Movement on the supply curve

a change in price results in movement on the supply curve

5
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Factors that shift the supply curve

change in cost of production, change in supply of resources, government subsidies, weather

6
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Market equilibrium

demands equal supply