Supply and demand
Instructions
Identify any good or service in which you are familiarList and describe any two to three factors that influence the demand for the good. Explain how it will increase or decrease demand.List any one or two factors that impact supply for the good. Explain how it will increase or decrease supply.
Answer
Demand and Supply of Goods and ServicesA good simply refers to tangible commodities in a certain market. Goods are physical in nature Their possession can be changed from the seller to a buyer through purchase (Dean et.al, 2020). On the other hand, a service is a performed activity by a person for anothers demand. Services unlike goods, cannot be separated from the individual providing them; their ownership cannot be transferred.Demand refers to the willingness and ability of a customer(s) to purchase a commodity or a service. Supply refers to the availability of a good or service for purchase. The demand and supply of a commodity can be affected by several factors. In this paper I will use tea and coffee as an examples of goods to discuss these factors.One of the major factors affecting d...
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