Demand - How much of a product people want to buy at different prices., Supply - How much of a product producers are willing to sell at different prices., Law of Demand - When prices go up, people usually buy less. When prices go down, people usually buy more., Law of Supply - When prices go up, producers are willing to make and sell more. When prices go down, they sell less., Equilibrium - The price where supply and demand are equal. This is the “just right” price., Surplus - When there is too much of a product because the price is too high and people do not buy it., Shortage - When there is not enough of a product because the price is too low and people want to buy more than is available.,

Supply & Demand

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