Economics Flashcards
(4 cards)
1
Q
What is the law of demand
A
when the price of a product goes up, the quantity demanded will go down
2
Q
What is the law of supply
A
a higher price will lead producers to supply a higher quantity to the market.
3
Q
Factors of demand
A
consumers expectations, consumers income
4
Q
Factors of supply
A
input costs,
