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LAW OF DEMAND & LAW OF SUPPLY - Coggle Diagram
LAW OF DEMAND
&
LAW OF SUPPLY
DEMAND
DETERMINANTS OF DEMAND
PRICE OF RELATED GOODS
CONSUMER PREFERENCES
CONSUMER INCOME
NUMBER OF BUYERS
PRICE AND INCOME EXPECTATIONS
DEMAND SCHEDULE
It is the table presents the quantity of demanded goods or services at given price levels.
DEMAND CURVE
It is the graphical presentation of the relationship between the quantity demanded ( on the horizontal axis ) and price ( on the vertical axis )
DEMAND FUNCTION
It is the algebraic expression describing the relationship between quantity demandned and the price of goods and services.
Qd = a - b ( P )
It refers to the needs and wants of the customer.
It is a decisive factor in determining the kinds and volume of goods & services to be produced & the production timing.
SUPPLY
SUPPLY SCHEDULE
It is the table presenting the quantity supplied for goods or services at given price levels.
SUPPLY CURVE
It is the graphical presentation of the relationship between the quantity supplied ( on the horizontal axis ) and the price ( on the vertical axis )
SUPPLY FUNCTION
It is the algebraic expession decribing the relationship between quantity supplied and the price of goods and services.
Qs = a + b ( P )
It refers to the number of goods and services.
It is a decisive factor in a business in terms of the volume to be produced and the timing of production in relation to price
DETERMINANTS OF SUPPLY
TECHNOLOGY
PRICE EXPECTATIONS
RESOURCE PRICES
FACTORS IN NATURE & POLITICS
TAX & SUBSIDIES