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DEMAND AND SUPPLY (DETERMINANTS OF SUPPLY (Price of related goods (a)…
DEMAND AND SUPPLY
DEFINITION OF DEMAND
Demand
The ability and willingness to buy specific quantities of goods in a given period of time at a particular price
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DETERMINANTS OF SUPPLY
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- Expectation about future prices
- Technological advancement
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- Improvement in infrastructure
LAW OF DEMAND
The higher the price of a product, the lower the quantity demanded
The lower the price of a product, the higher the quantity of demanded
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DETERMINANTS OF DEMAND
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External Factors
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3. Consumer' fashion, tastes and preferences
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LAW OF SUPPLY
The higher the price of product, the greater the quantity supplied
The lower the price of product, the lower the quantity supplied
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