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| Unit 4 | |
| Organisations, Competition and Environment | |
| Lesson 19 - 22nd/24th February 2000 | |
| Demand and Supply Analysis | |
Click here to see the slides from the lesson.
“an economist is somebody who knows the price of everything and the value of nothing”
Demand
The quantity demanded of a product at each different price level.
Supply
The quantity supplied of a product at each different price level.
Equilibrium
When the quantity supplied is equal to the quantity demanded we have equilibrium.
Factors which Influence Demand
- changes in Income
- Tastes and Fashion
- Price of other Goods
- Seasonal Variations
- Marketing
Factors which Influence Supply
- Cost of Raw Materials
- Cost of Labour
- Cost of Capital
- Competition
Download some PowerPoint Slides on Elasticity for this lesson 693kb. To see the slides via your browser click here.
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