Normal Goods (Demand increases as income rises), 2. Inferior Goods (less demand for cheaper alternative goods than high quality), 3. Substitute Goods ( Increase of price for a good leads to a switch to a substitute good), 4. Complementary Goods ( Goods that are connected so if the price one good decreases the other good will have an Increase in demand)
Supply:
The quantity of a good or service that producers are willing to offer for sale
5 Shifters of Supply:
1. Price of Resources (the cost of producing it), 2. Number of producers (is it popular to produce), 3. Technology (How effective is the technology/production), 4. Taxes and Subsidies (How much tax do I lose or gain), 5. Expectations (when is it the right time to produce it)
2 Extra shifters of Supply:
1. Price of related goods (which good is cheaper to produce), 2. Supply shocks (natural disasters)
Profit incentive (Upwards): The more money I get, the more time and quantity Im willing to give
