EBME 2.02 Supply and Demand

Prices fall for a particular good or service, demand for that item will increase & vice-versa.

Desire to make money.

How much of a good or service a producer is willing and able to produce at different prices.

Price of a good or service increases, supply for and item will increased & vice-versa.

Place or service that allows buyers and sellers to exchange goods and services.

The point the supply and demand curve meet.

Includes the customers and locations that a business wants to serve.

The amount at which a good or service will be sold in a market.

If there isn't enough of something available for sale.

An individual’s need or desire for a good or service at a given price.