From 9de40bb1a83d477c55bacadd509292057aa8dda4 Mon Sep 17 00:00:00 2001 From: James Su Date: Fri, 7 Feb 2020 18:56:55 +0000 Subject: [PATCH] Update Economics.md --- Grade 10/Business/BBI201/Economics.md | 23 +++++++++++++++++++++-- 1 file changed, 21 insertions(+), 2 deletions(-) diff --git a/Grade 10/Business/BBI201/Economics.md b/Grade 10/Business/BBI201/Economics.md index 0aa3f0f..2334516 100644 --- a/Grade 10/Business/BBI201/Economics.md +++ b/Grade 10/Business/BBI201/Economics.md @@ -1,4 +1,4 @@ -## Economics Resrouces (factors of production) +## Economics Resources (factors of production) **Definition** Resources needed to provide goods/services to consumers @@ -56,4 +56,23 @@ I'm selling chocolate! 1. consumer is aware & interested in the goods 2. there is 'supply' of the good/serivice 3. price is reasonable and competitive -4. The constomer can access the good \ No newline at end of file +4. The constomer can access the good + + +### What will Change Demand +1. Change in consumer income +2. Change in consumer's taste +3. Changes in what we expect in the future +4. Changes in population + + +## Supply + +**Definition:** The quantity of a good or service that businesses are willing and able to provide within a range of prices +- Law of supply: As supply goes up, prices go up + +### What changes the quantity suppplied? +- A change in the number of producers -> Competition +- Price of related goods (if gas prices increase, people may buy more energy efficient cars) +- Changes in technology (VCR sales vs DVD sales) +- Changes in cost of production