Economics
THE ELEMENTS OF DEMAND AND SUPPLY
TOPICS:
- DEMAND SUPPLY
- LAW OF DEMAND LAW OF SUPPLY
- DETERMINANTS OF DEMAND DETERMINANTS OF SUPPLY
- DEMAND SCHEDULE SUPPLY SCHEDULE
- DEMAND CURVE SUPPLY CURVE
The Law of Demand And Supply is one of most important laws in economics. It give us a closer look at the system of exchange in the circular flow. There is exchange taking place because of this law. In the Philippines the law assumes greater importance since our economicsystem prodiminantly market in nature and therefore operates strongly under the forces of demand and supply. While a study of the law is microeconomics in approach, an introduction to the law is included in this text to familiarize the student with how it works to enable him to relate it to the study of economic aggregates.
Demand
- The demand for a product is the quantity of a good that buyers are willing to buy. A demand schedule shows the different quantities that will be bought of a good, given various prices. This demand may reflect an individual schedule of a consumer, or a market schedule of a groupof consumers. A demand function show how the quantity demanded of a good is dependent on its determinants, the most important of which is the price of the goods itself. The demand curve is the graphical presentation of the demand schedule.
Supply
- The supply of product is the quantity of goods that sellers are willing to sell. The supply schedule shown the different quantities that will be offered for sale at various price. This supply schedule may reflect an individual schedule of only one producer, or the market schedule showing the aggregate supply of a group of sellers or producers.
A supply function shows how the quantity offered for sale of a good is dependent on its determinants, the most important of which is the price of the good itself. The supply curve is the graphical presentation of the supply schedule.
Supply schedule
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TOPICS:
- DEMAND SUPPLY
- LAW OF DEMAND LAW OF SUPPLY
- DETERMINANTS OF DEMAND DETERMINANTS OF SUPPLY
- DEMAND SCHEDULE SUPPLY SCHEDULE
- DEMAND CURVE SUPPLY CURVE
The Law of Demand And Supply is one of most important laws in economics. It give us a closer look at the system of exchange in the circular flow. There is exchange taking place because of this law. In the Philippines the law assumes greater importance since our economicsystem prodiminantly market in nature and therefore operates strongly under the forces of demand and supply. While a study of the law is microeconomics in approach, an introduction to the law is included in this text to familiarize the student with how it works to enable him to relate it to the study of economic aggregates.
Demand
- The demand for a product is the quantity of a good that buyers are willing to buy. A demand schedule shows the different quantities that will be bought of a good, given various prices. This demand may reflect an individual schedule of a consumer, or a market schedule of a groupof consumers. A demand function show how the quantity demanded of a good is dependent on its determinants, the most important of which is the price of the goods itself. The demand curve is the graphical presentation of the demand schedule.
Supply
- The supply of product is the quantity of goods that sellers are willing to sell. The supply schedule shown the different quantities that will be offered for sale at various price. This supply schedule may reflect an individual schedule of only one producer, or the market schedule showing the aggregate supply of a group of sellers or producers.
A supply function shows how the quantity offered for sale of a good is dependent on its determinants, the most important of which is the price of the good itself. The supply curve is the graphical presentation of the supply schedule.
Supply schedule
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