Conventional Supply and Demand

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Conventional Supply and Demand by Mind Map: Conventional Supply and Demand

1. Demand

1.1. Demand is the rate at which consumers want to buy a product

2. Supply

2.1. Willingness and ability to supply goods determine the seller’s actions.

3. Interaction Between Supply and Demand

3.1. Demand is defined as the quantity (or amount) of a good or service

3.2. supply is defined as how much of a good or service is offered at each price

4. Demand and Supply Schedules

4.1. Price Quantity Quantity Demanded Supplied

5. system dynamicists believe that the availability of a product

6. The demand price schedule is a demand curve that indicates what quantity consumers are willing to buy at a given price