Supply and Demand Chapter 1.4.

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Presentation transcript:

Supply and Demand Chapter 1.4

CHAPTER 1.4: SUPPLY & DEMAND Goals: Describe supply and demand orally and with graphs. Discuss how prices of products and services affect supply and demand Chapter 1

Producers establish Supply Market Economy Consumers set Demand Producers establish Supply

Market Economy Consumer: buys and uses goods and services. Decides what, where, and from whom to buy AND at what price. Producer: determines what products and services will be available for sale. What needs & wants they will satisfy What prices they want to receive.

Supply & demand Supply: the quantity of a good or service that businesses or producers are willing and able to provide. Demand: the quantity of a good or service that consumers are willing and able to buy.

Supply and demand

Supply & demand Factors Influencing Supply Natural Disasters Decrease in Supply Number of Competitors: Large # = Increase in Supply Small # = Decrease in Supply Chapter 1

Supply & demand Factors Influencing Demand Seasons Substitute products If customers can switch easily from one product to the other = Demand Low If there are no substitute products = Demand High

DETERMINING PRICE Market Price: the point where supply and demand are equal (also known as Break-Even Point) Chapter 1

CHAPTER 1.4: SUPPLY & DEMAND Goals: Describe supply and demand orally and with graphs. Discuss how prices of products and services affect supply and demand. Chapter 1

END OF CHAPTER 1!