Factors of Production
resources needed to produce good & services
factors of production are owned by individuals rather than the government
factors of production are owned by the government, which regulates economic activity
Law of Supply
States that producers will supply more products when they can charge higher prices & fewer products when they much charge lower prices.
Law of Demand
States that consumers will demand more of a product as the price of the product decreases. On the other hand, consumer demand for a product decreases as the price increases.