Terms in this set (5)
Law of Demand
inverse relationship between price and quantity demanded. As price goes up quantity demanded goes down.
Law of Supply
direct relationship between price and quantity supplied
Payment that supports a business market, subsides cause the supply of of good to increase
Demand v. Quantity Demanded
Demand is the desire of a consumer for a good or service and their ability to pay. Quantity demand is the inverse relationship between a good and its price
Supply v. Quantity Supplied
Supply is the amount of products or services that are to be provided by a certain company to a market.Quanity supplies is the amount or quantity that is willing to be provided for a certain price.