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Update Economics.md
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## Economics Resrouces (factors of production)
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## Economics Resources (factors of production)
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**Definition** Resources needed to provide goods/services to consumers
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**Definition** Resources needed to provide goods/services to consumers
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1. consumer is aware & interested in the goods
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1. consumer is aware & interested in the goods
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2. there is 'supply' of the good/serivice
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2. there is 'supply' of the good/serivice
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3. price is reasonable and competitive
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3. price is reasonable and competitive
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4. The constomer can access the good
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4. The constomer can access the good
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### What will Change Demand
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1. Change in consumer income
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2. Change in consumer's taste
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3. Changes in what we expect in the future
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4. Changes in population
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## Supply
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**Definition:** The quantity of a good or service that businesses are willing and able to provide within a range of prices
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- Law of supply: As supply goes up, prices go up
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### What changes the quantity suppplied?
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- A change in the number of producers -> Competition
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- Price of related goods (if gas prices increase, people may buy more energy efficient cars)
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- Changes in technology (VCR sales vs DVD sales)
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- Changes in cost of production
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