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1.2 The Market - Coggle Diagram
1.2 The Market
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1.2.1 Demand
Demand is the amount of a good or service that a customer is willing to pay at any given price, within a given time period
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1.2.2 Supply
Supply is the amount of goods or services provided at a given price by all the companies within a market
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1.2.3 Markets
Equilibrium
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The equilibrium point can be altered affecting supply and demand could be caused by a rise in disposable income
A reduction in the costs of production would mean the business would produce more of that product, shifting the supply curve to the right
