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http://www.econport.org/content/handbook/Demand/Factors.html

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http://www.shmoop.com/supply-demand/

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http://www.investopedia.com/university/economics/economics3.asp

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Click to view

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In the picture below, a character from 'The Simpsons' explains how demand affects prices. The pictures shows that if there is less competition and you're the only company supplying a certain product, you can jack up the prices as high as you want since you're the only supplier. If there is high competition, and many other companies trying to sell what you sell, the prices will be lower since each company will be trying to undercut the competition in order to have the lower price. Lower price = more sales.

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In this video, the popular Youtube channel 'Crash Course' gives you the rundown on how supply and demand affect the prices of various goods and services. In the video you learn about how if the price of something goes up, then less people will buy it, and wait until the demand is less, so the price drops to buy it.

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Supply and Demand: Crash Course Economics #4

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Although short supply often is bad, there is still a bright side. When supply is high and prices are cheap, it is often difficult to get your hands on the product since it sells so fast (Left Image). But when prices are high because of low supply, people often pass up on the product to buy another brand, or nothing at all. This is good because since there is less to go around, less people buy it which gives everyone a chance to get it.

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In this video, created by 'Learn Liberty' we are taught about how the supply of an item affects the prices, companys, consumers, and the producers. In the video the narrator Donald Boudreaux uses an example with ketchup, and how if there are less tomatoes than there were the year before, prices will have to go up, but demand will still be the same so consumers will have to pay more due to the shortage in the supply.

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Everything Has its Price (And That's A Good Thing) | Learn Liberty

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Prices ensure your demands are supplied- even in times of scarcity. But who decides prices? Learn More: Learn more: http://bit.ly/1HVAtKP Manufacturers and stores play a role, of course. As Professor Don Boudreaux explains, though, the biggest decider in determining prices is you, the consumer. Prices reflect the value consumers think the products are worth.

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This picture is a visual representation on how quantity of a product directly effects the price. As the quantity of an item increases, you can see how the price also adjusts accordingly (by increasing). If there is lots of supply for an item, company will charge more, as they know people will be willing to pay the increased price for it since they really want it.

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In this video, the 'Economics Mafia' teaches you about all the different factors that affect the supply of an item. After watching this video, I have learned that when the price of a product increases, the amount that is produced also increases. And if a company is selling more of a product for a higher price, they make more money at the end of the day. Revenue - Cost = Profit!

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There are many factors affecting supply in economics. When price changes, quantity supplied changes. This is because price affects revenue which in turn affects profit. Remember, producers respond to price incentives. They react to price changes, hence quantity supplied will change. Other factors that cause supply to change are non-price factors.