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1.2.3 Markets - Coggle Diagram
1.2.3 Markets
DEMAND CURVES
As price decreases demand increases and therefore so does quantity. The amounts of goods and services. 
PRICE RISE IN DEMAND
As price goes up, so does demand, and quantity decreases. As price decreases, so does demand, quantity increases demand.
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SUPPLY CURVES
In supply curves, both price and quantity go up which means so does supply and generate profit.
PRICE RISE
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Equilibrium - no surplus and no shortage, everything is sold. Where demand = supply
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PRICE FALL
As prices fall suppliers want to supply less of a product/ service. As prices fall, this causes movement down the supply curve
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NON-PRICE RISE IN SUPPLY
A shift in supply to the right die to non-price factors. If more is supplied, prices can decrease.
- cost of production; intro of new tech; indirect taxes; government subsidies; external shocks
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SURPLUS AND SHORTAGE
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Shortage
Where demand exceeds supply there will be a shortage, this is because of low prices
MARKET CLEARING PRICE
The interaction of buyers and sellers will provide an equilibrium price in a market where demand and supply is equal. This is called the market clearing price and should leave no surplus or shortage of products.