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Grade 10/Business/BBI201/Economics.md
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## Economics Resrouces (factors of production) ## Economics Resources (factors of production)
**Definition** Resources needed to provide goods/services to consumers **Definition** Resources needed to provide goods/services to consumers
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2. there is 'supply' of the good/serivice 2. there is 'supply' of the good/serivice
3. price is reasonable and competitive 3. price is reasonable and competitive
4. The constomer can access the good 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