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Supply An Demand - Coggle Diagram
Supply An Demand
Market Equilibrium- Good supply = Demand when everything is in balance
Price Floor:When a product is price more or less then the equilibrium price
Black Markets:A place to make illegal purchases in secret
Price Ceiling:The maximum amount a seller can charge for a product or service
Price Elasticity of Demand: A percent change in products demand in relation to the products price change
Price Control: When there is a control on how much something cost so everything is somewhat affordable
Price Elasticity of Supply: The measurement of quantity from the change in supply
Surplus: When there isn't much demand for supply
Cross Price Elasticity of Demand: When ones quantity or demand is lower which makes another products demand go up
Good supply = Demand when everything is in balance
Income Elasticity of Demand:The quantity that is demanded for a service and good
Demand- Consumer's Desire To Purchase goods and services
Price of substitute goods- Goods that can substituted for another good
Price of complimentary goods- Goods that are bought together
Example: Milk and Cereal, Console and Contorllers
Consumer Taste And Preference- What kind of product a consumer would rather buy
Consumer Expectations of future prices-When a consumer expects the price of a product to fall so they wait
Consumer Income- The amount of money a consumer makes
Number of buyers in the market- The number of consumers willing to buy something from a producer
The amount of resources a producer has to make certain products
Taxes or Subsidies-Benefits that will go to the people from the government
Price Expectations The thought of what the price of a product will be based on how it differs from its original price
Technology or Productivity- Making computers do the work to raise productivity
Cost Of Inputs-The cost that is used to make a product or service