Intro to Business HandoutChapter 1

1
Intro to Business Handout Chapter 1 Economic
Basics, Part 3
Demand, Supply and Price DEMAND the
________________________ of a good or service
that consumers are _______________________ and
_______________ to buy at a particular price LAW
OF DEMAND usually consumers buy
________________ as the prices ___________________
_______, as prices _____________________,
consumers buy _________________ 4 main factors
that increase or decrease demand 1. Changing
consumer _____________________ 2. Changing
consumer _____________________ 3. Changing
___________________________ for the
____________________ 4. Changes in
__________________________ SUPPLY the
__________________________ of a good or service
_____________________________ to be sold LAW OF
SUPPLY the more a company is able to
___________________ (______________), the more
goods and services they can have on the
__________________ (_____________) 5 main
factors that increase or decrease supply 1.
Change in _______________________ of
_______________________ 2. Changes in
______________________ 3. Changes in
____________________________ 4. Changing
_____________________________ for the
_________________ 5. Changing
_________________________ _______________
Relating Price to Supply Demand ______________
____is determined by __________________ and
____________________ as well as the
_____________of producing or providing the good
or service.
BBI2O Intro to Business Mrs. Foley