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Supply and Demand

What is the definition of supply?
the quantity of goods and services that producers are willing to offer at various prices in a given time
The amount of money that remains after producers have paid off all of their costs
When a small change in price causes a major change in the quantity supplied
Anything that can change the demand of a product for the company
How many types of demand are there?
1
2
3
4
How many costs of production are there?
1
2
3
4
What way does the supply curve flow?
Up to the right
Up to the left
Down to the right
Down to the left
Definition of Elastic Demand?
When the market fails
This occurs when a small change in the price of a good causes a major change in the quantity demanded
Companies can either increase or decrease the area in which they sell their product
this can fluctuate wildly and can be influenced by advertising and different trends that hits consumers
Inelastic demand occurs when a change in the products price has little effect on the demand
True
False
Income is how many products you can produce in a day.
True
False
Elastic and Inelastic demands are the same
True
False
Definition of determinates of supply
Definition of profit?
People may buy something assuming that they will be able to afford it in the future and vice versa
This can determine how much of your product consumers are able to buy
The amount of money that remains after producers have paid off all of their costs
Companies can either increase or decrease the area in which they sell their product
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