Determinants of Demand
Determinants of demand are the various factors that influence the quantity of a good or service that consumers are willing and able to buy at a given price.
Supply, Demand, Equilibrium, and Price Controls
Supply and demand are at the heart of economics. Almost every transaction can come down to these two variables which have an overarching impact throughout society. From healthcare to chocolate bars – there is a constant fight to reach economic equilibrium whereby supply and demand meet.
Determinants of Supply
Determinants of supply are the factors that influence the quantity of goods or services that producers are willing and able to supply in a market.
Quantity Demanded
Quantity demand refers to the specific amount of a good or service that consumers are willing and able to purchase at a given price and within a particular time period.
Price Ceiling: Definition, Examples & Graph
A price ceiling is a legal restriction which prevents businesses from selling beyond that price.
Price Floor: Definition, Examples & Effects
A price floor is a minimum price set on goods and services usually determined by the government. This makes it illegal for any company or individual to sell its goods or services below the set minimum price.
Law of Supply: Definition & Example
The law of supply is the relationship supply has with price. As prices rise, businesses supply more. As prices fall, businesses supply less.
Law of Demand: What it is, Examples & Diagram
The law of demand refers to how demand changes in reaction to price. So when prices rise, the law of demand dictates that demand will fall.