Supply and Demand
By: Cierra Bryant
Demand- The desire, willingness, and ability to buy a good or service.
Demand changes because of consumers' income and prices change.
Supply- the quantities of a good or service that producers are willing to sell at all possible market prices.
Supply changes because producers of a good or service changes the quantity available for purchase and prices change.
Equilibrium Price- the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy.