Demand:

Demand-The quantity of a good or service that buyers are willing and able to buy at
a given price in a given period of a time.
The demand will increases as the price increases

Exceptions:
Veblen Goods-High status items which people want when they are expensive
Giffen Goods-If a good has no close substitutes

Expansion of a demand is when the price for an item decreases so the quantity
increases
Contraction of a demand is when the price for an item increases but the quantity
increases

Factors for Demand:

Population-The total inhabitants of a country
Advertising-The promotional materials released for a product by a firm
Substitutes-Something that can replace a product
Interest Rates-The credits for saving and the costs of borrrowing
Fashion and Trends-Items which are fashionable and are on trend
Income-How much a person earns a wage or salary
Complements-Something which goes with a product in questiondssa

Supply:

Supply-The quantity producers are willing and are able to produce at any given
price in any given period

Expansion of supply is when the price increases as well as the quantity

Contraction of supply is when the price decreases as well as the quantity

Factors for Supply:

Productivity-Output per Worker
Indirect Taxes-Tax on a good or service
Number of firms-Number of businesses which operate in a market
Technology-Capital=Machinery
Subsidies-Payment by a thrid party
Weather-Meteorlogical condition
Cost of production-Money required to produce a product

Average cost=Total Cost/Quantity

Economies of Scale-When the output increases and avergae cost decreases
Productivity=Output/Worker

Inelastic Supply-Football Stadium

PES(Price Elasticity of Supply)-measures the responsiveness of supply of change in
price------%change in quantity supplied/%change in price
PED(Price Elasticity of Demand)-measures the responsiveness of demand of change in
price------%change in quantity demanded/%change in price