Supply and Demand
When price of the good sold increases, supply increases as suppliers want to make more product.
When price increases, demand decreases.
Equilibrium - when supply and demand meet
Disequilibrium - when supply and demand donāt meet
Factors that could shift demand curve:
Changes in substitute price
Changes in consumer incomes
Consumer preferences
Advertising/branding
External shocks
Seasonality
Factors that could shift the supply curve:
Changes in production costs
Technological advancements
Indirect taxes
Government subsidies
External shocks