Price of Related Goods (PR) in #Economics

An #Infograph for my Chinese students in #microeconomics and #macroeconomics 

When we study Supply and Demand in #economics, we learned that one of the factors that changes them both is Price of Related Goods.  

• Supply — The number of products the company has available to sell at all prices
• Demand — The number of products the buyers will purchase at all prices
• Quantity Supplied — The number of products supplied at a specific price
• Quantity Demanded — The number of products demanded at a specific price
• Inverse Relationship — When Y ↑   then X ↓ — Line goes down
• Direct Relationship — When Y ↑  then X   ↑ — Line goes up

#business #studyguide #econ 

Tags: Demand, Economics, Inforgraphic, picture, PR, Price of Related Goods, Study Guide, Supply, Trade