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LAW OF SUPPLY (SUPPLY (quantity supplied, price, goods & services,…
LAW OF SUPPLY
SUPPLY
quantity supplied
price
goods & services
market
buyers & sellers
relationship
price
increase
decrease
quantity supplied
positive relationship
DEMAND SCHEDULE
table
quantity supplied
price
goods & services
relationship
DEMAND CURVE
graph
quantity supplied
price
goods & services
relationship
SHIFTS IN THE DEMAND CURVE
caused by a change
alters the quantity supplied
quantity supplied
price
change
FACTORS OF SHIFTS IN THE DEMAND CURVE
input prices
technology
cost of production
price of goods and services itself
number of sellers