Demand & Supply

DEMAND & SUPPLY

 

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DEMAND

Introduction

·       Demand is the quantities of a good or service that consumers are willing and able to buy at different possible prices.

·       The Law of demand states that the consumers buy more of a good when its price decreases and less when its price increases.

·       Hence the demand curve can be drawn as

Factors Affecting Law of Demand

·       Change in Income (when income goes up consumers buy more and vice versa)

·       Prices or availability of substitutes (a good that can be used in place of other)

·       Changes in the number of buyers (more buyers means more sale)

·       Changes in tastes & preferences (keypad mobile Vs Android)

·       Emergency situations (War, Natural Calamity, Earthquake etc)

 

Features of Demand

·       Desire

·       Price

·       Point of time

·       Utility

 

SUPPLY

Introduction

·       Supply is the amount of a product that is offered for sale at all possible prices in the market

·       The Law of Supply states that the tendency of suppliers to offer more of a a good at a higher price and less at lower prices

·       Hence the supply curve can be drawn as

Factors Affecting Law of Supply

·       Cost of Inputs (when production cost goes up the supply goes down and vice versa)

·       Changes in productivity (when productivity goes up the supply also goes up)

·       Changes in the number of sellers (more sellers means more supply)

Features of Supply

·       Government Policy

·       Technology

·       Cost

·       Price

·       Expectation

 

Video Description

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