Defining Supply and Demand Objective In this lesson, you will Defining Supply and Demand Supply and demand are two factors that determine the of goods and services. Demand = the consumer's and to buy Demand () decreases_ODincreases if the price of an item goes down and you can buy more. Demand schedule Demand schedule = a chart that shows how much of a product consumers Price Quantity demanded will demand at various $5 100 This demand schedule shows research for a restaurant: when the price of one 200 300 burger decreases, the quantity demand_( increases__ODdecreases. 100 consumers buy burgers) 500 Sellers must set a for their products that consumers are to pay This price must also allow sellers to cover their and make a . When sellers want to attract more customers, they can prices + must decide how much of the product they can afford to at the discounted price Supply: the ability and desire to sell goods and services. Supply schedule Price Quantity A supply schedule shows that sellers want to make_(O) less O )more supplied products at @lower Phigher prices to make a higher profit. $5 100 200 Supply schedule : a chart that shows how much of a product the $3 300 400 supplier is willing and able to at various prices 500