What would happen to the price of diamonds if diamonds can be produced in any high school chemistry lab?

What would happen to the demand for bicycles priced at $500 if the price is doubled?

What would happen to the price of name brand sneakers if they lost their celebrity endorsement?

What would happen to the supply of strawberries if a winter freeze damages the crop?

What would happen to the price of strawberries if a winter freeze damages the crop?

What would happen to the demand for video games if the price is reduced by 50%?

What would happen to the price of pizza if tomatoes became scarce due to bug blight.

What would happen to the price of gasoline if a synthetic source is discovered?

What would happen to the demand for spearmint gum if research proves that each gum stick increases I.Q.?

What would happen to the supply of toothpaste if toothpaste workers go on strike?

What would happen to the demand for in-line skates if a new roller park opens in your neighbourhood?

What would happen to the price of hamburgers if too many beef cattle are slaughtered?

What would happen to the supply of paper if a huge brush fire destroys the western forests?

Demand The quantity of goods/services that a consumer is willing to buy

Conditions that Create Demand Consumer is aware or interested in the good or service Ample supply of the good or service available Prices are reasonable and competitive Good or service must be conveniently located

Factors That Affect Demand Change in the consumer’s income Change in the consumer’s taste Change in expectations of future conditions Change in population

Law of Demand The higher the price, the lower the demand The lower the price, the higher the demand e.g. When prices increases, less people buy it

Supply The quantity of a goods/services that a business is willing to produce

Conditions That Affect Supply Change in the number of producers Price of related goods Change in technology Change in expectations Change in costs of production

Law of Supply The higher the price, the higher the supply The lower the price, the lower the supply