Demand
Demand curve

It is the qualities that people are willing and able to buy at various  prices

Only thing that could cause a change in quantity demanded is a change in price

Determinants
1. Change In buyers taste
2. Change in # of buyers
3. Change in income
• Normal goods- foods that buyers buy more of when income rises
• Inferior goods- goods that buyers buy less of when income rises
4. Change in price of related goods
• Substitute good- goods that serve purpose of buyers
• Complimentary goods- goods that are often consumed together
5. Change in expectations

Supply

 

Supply curve

It is the quantities that producers/sellers are willing and able to produce/sell at various prices

Only thing that can cause a change in quantity supplied is change in price

Determinants 

1. Change in weather

2. Change in technology 

3. Change in cost of production

4. Change in taxes or subsidies 

5. Change in # of sellers

6. Change in expectations