Alfian's K.W.L (Demand & Supply)

What I know (W)

• PPC curve

What I want to know (W)

• How demand and supply affects a curve
• What are the laws of demand and supply
• What's Supply
• What's Demand
• What is a market equilibrium 

What I learned (L)

• Demand and supply can affect the curve by shifting the curve left/right due to non-price determinate factors and secondly move points along the curve due to prices
• The law of demand states that there is an inverse relationship between the price and the quantity demanded of the good or service, during a specific period of time, ceteris paribus
• The law of supply states that there is a direct relationship between the price and the quantity supplied of the good or service, during a specific period of time, ceteris paribus.
• Demand refers to the quantity of a good or services which consumers are willing and able to buy at different prices levels, over a specific time period, ceteris paribus
• Supply refers to the quantity of a good or services which sellers are willing and able to offer for sale at different prices levels, over a specific time period, ceteris paribus
• Equilibrium refers to a situation whereby there is no tendency to change
• The acronym for non-price determinants (Demand) PET PIG
• The acronym for non-price determinants (Supply) WET PIGS
• For both demand and supply curve, movements along the curve are due to prices onl