what is demand and supply

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What is supply and deman ?


Factors that will affect Supply and Demand

Price can affect demand and supply:

Price can affect demand and supply

Examples of Demand :

Examples of Demand The amount od a particular economic good or service that a consumer or group of consumers will want to purchase at a given price. Demand refers to how many peoples want those goods. A new restaurant opens up in town and gets great reviews. There are only 12 tables in the restaurant but everyone wants to get a reservation. Demand for the reservations goes up. During the mad cow disease scare, consumers preferred chicken over beef. Even though the price of beef hadn’t changed, the quantity demanded was lower at every price. At the same time, demand of chicken increased .

Examples of Supply:

Examples of Supply The total amount of a product (good or service) available for purchase at any specified price. Supply refers to the amount of good that are available. When supply of a product goes up, the price of a product goes down and demand for the product can rise because it costs loss.  A huge wave of new, unskilled workers come to a city and all of the workers are willing to take jobs at low wages. Because there are more workers than there are available jobs, the excess supply of workers drives wages downward.  There is a drought and very few strawberries are available. More people want the strawberries than there are berries available. The price of strawberries increases dramatically

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