Market: Group of buyers and sellers of a particular good or service

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 Supply & Demand is really a theory on how buyers and sellers interact with one another, and how prices are determined.
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Presentation transcript:

Market: Group of buyers and sellers of a particular good or service EC 201H Fall 2001

(Demand is the relationship, Quantity demanded is a number) Demand: Relationship between quantity of a good that consumers are willing and able to buy and all of the factors that influence it (Demand is the relationship, Quantity demanded is a number) EC 201H Fall 2001

EC 201H Fall 2001

Demand for Pepperidge Farm Milano Cookies (Individual Demands) EC 201H Fall 2001

Demand for Pepperidge Farm Milano Cookies (Individual and Market) EC 201H Fall 2001

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