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The Global Supply
- The global pandemic changed the pattern of global supply chains
Market
- Where buyers and sellers meet to exchange goods and services
Law of Demand
- Price increases, quantity demand decreases
- Price decreases, quantity demand increases
Ceteris Paribus
- keeping factors constant (at a ceteris paribus) , buyers will purchase more at lower prices and less at higher prices
Quantity Demanded
- Number of units that a buyer is willing to purchase at any given price
Demand
- Set of all quantities demanded at different price levels
Law of Supply
- Driven by profits, suppliers will sell more
- Price increases, supply increases
- Price decreases, supply decreases
Quantity Supplied
- Number of units that a seller is willing to produce at any given price
Supply
- set of all quantities supplied at different price levels
