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No. 125 Brgy. San SebastianLipa City, Batangas, PhilippinesMobile: 0927 283 8234Telephone: (043) 723 8412Gmail: icarecpareview@gmail.comMS04-14: EconomicsEconomics is a social science which studies the choices that individuals, businesses, and governmentsmake as they cope with scarcity, all the things that influence these choices, and the arrangements thatcoordinate them.Demand and SupplyDemand is the relationship between the quantity demanded and the price of a good when all otherinfluences on buying plans remains the same. The quantity demanded of any good, service, or resourceis the amount that people are willing and able to buy during a specified period at a specified price. The law of demand states: Other things remaining the same, if the price of a good rises, thequantity demanded of that good decreases; and if the price of a good falls the quantity demandedof that good increases.When any of other influences on buying plans change, there is a change in demand. The maininfluences on buying plans that change demand are:o Price of related goods (substitutes and complements)- The demand for a good and the price of one of its substitutes move in the samedirection. the demand for a good increases if the price of one of its substitutes risesand decreases if the price of one of its substitute falls. For example the demand forcheesecake increases when the price of chocolate cake rises.- The demand for good and the price of one of its com ...
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