Demand and Supply

Demand is the quantities that people are willing or able to buy at various prices.

• The law of demand- There's an inverse relationship between price and quantity demanded. 
• The causes of a change in quantity demanded


•  Δ in buyers taste (Advertisement)
•  Δ in number of buyers (Population)
•  Δ in income 
• Normal goods that buyers buy more of when income rises. 
• Inferior goods that buyers buy less when income rises.
•  Δ in price in relative goods.
• Substitute good that server roughly the same purpose to buyers.
• Complementary goods often consume together.
•  Δ  in expectation

Supply is the quantities that producers/sellers are willing and able to produce/sell at various prices.

• The law of supply- There's a direct relationship between price and quantity supply.
• The causes of a change in quantity supply

• Δ in weather
• Δ in technology
• Δ in cost of production
• Δ in number of sellers
• Δ in taxes 
• Δ in expectation