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People want a product that is best suited for one job to only do that job. Ex.) Diamonds are used for jewelry and not to make concrete more sparkly.

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Sets the minimum legal price a seller may charge for a product or service. (Floor implies a surplus and falls above the point of intersection)

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Sets the maximum legal price a seller may charge for a product or service. (Ceiling implies a shortage and falls below the point of intersection)

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This is the point in which the buyer is willing and able to pay the price of a good. (On a graph, it would be the point of intersection)

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Various amounts of a product that producers are willing and able to make. As price rises, quantity supplied rises. A supply schedule will tell us that firms will produce and offer for sale more of their product at a high price than at a low price.

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an increase of demand can be caused by:
A  favorable change in consumer tastes
An increase in the number of buyers
rising incomes if the product is a normal good
falling income if the product is an inferior good
an increase price of a substitute good
decrease in price of a complementary good
consumer expectation the prices will rise

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If the consumers expect a price of a good to go up soon, they will purchase the good immediately, creating a current demand. If consumers expect the price to drop, they will wait until that price drop happens.

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A shift of the demand curve to the right (an increase in demand) or to the left (a decrease in demand

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Because complementary goods are used together, they are typically demanded jointly. If the price of a complement goes up, the demand will go down. If the price goes down, the demand will go up
EX.) ink for a pen, staples for a stapler,

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A good that can be used in place of another.
Ex.) Using tape rather than staples.

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This is where the product you normally buy gets a price increase, so you try and find a cheaper product that does the same thing. this is the substitution effect because if a product increase you look for a substitute for that good.

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There are many things that can alter the demand of products and one of them is the number of buyers within a system. The more buyers, the more demand and vice verses

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The lower the price is the more spending power the customer has.

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The demand curve always goes down in a downward slope. This shows when the price decrease they quantity demanded increase

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a favorable change in consumer tastes for a product means that more of it will be demanded at each price. New products can change the consumer's taste. When the digital camera came out, there was less demand for a film camera

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The more a person buys a product in a certain time period, the less satisfaction they will get per level of purchase.
Ex.) A person buys two number forty fives and the first one was great, but as he eats the second one, he gets less satisfaction and if he were to have another, he'd have even less.

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This will change the determinants so in the graph it will go to the left or right depending on these subjects .
Resource : So if the price of  resources increases then the supply will go down so in the graph it will go to the left. But it the price of resources decreases then the supply will go up, so in the graph it will shift to the right.
Technology:  Technology will also increase never decrease, so it will also be able to produce faster, waste less resources, and then this will reduce the cost of goods. so in the graph it will be going to the right
Taxes and Subsidies: If it is a taxes then the business get reduce there profit, so the will make less pf the quantity. So in the graph it will be shifting to the left. But if it is a subsidies the business will get more money, so they will be able to produce more of it, so it will shift the graph to the right.
Prices of Other Goods: If the prices of a other good is lower than your good they are going to buy the other good because they are
Producer Expectations:
Number of Sellers:

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As prices fall, the quantity demanded rises and as prices rise, the quantity demanded falls.

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the various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices during a specific period of time