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i made an A on this one hope its helpful Supply Supply is the willingness and ability of sellers to produce and sell different quantities of goods at different prices during a particular time period The law of supply states that there is a direct relationship between the price of a good and the quantity sellers are willing to offer for sale in a defined time period Tucker 2000 There are many factors affecting the supply of goods Product price the price of related resources changes in technology number of sellers taxes and expectation of future prices are a only some factors that determine supply When the price of a resource needed to produce a good increases the supply will decrease When the price of resources needed decreases suppliers hurry to buy it at a lower cost and production increases Changes in technology have increased the supply of goods Machines and robots have taken the place of slower human workers Production of goods increases as the number of sellers does and vice versa The increase in taxes has the same effect on a business as an increase in the price of related goods An increase in taxes is an additional cost to the supplier enabling them to spend as much as they were on the resources they need Demand Prices are determined in markets by the interaction of supply and demand Demand is the willingness and capability of buyers to purchase a good or a service at different prices There are many things that determine a persons demand for a product The first thing that comes to most peoples mind is price The law of demand states that as the price of a good increases the quantity of that good decreases Tucker 2000 In other words there is an inverse relationship between the price of a good and the quantity buyers are willing to purchase in a
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