Demand is inversely proportional to supply
The more supply the less demand
The quantity demand is the amount of a good that consumers are willing and able to purchase of a product over a given period of time.
The two main reasons consumers buy less of a good after the price increases is the substition effect and the income effect.
The substution effect is when consumers find a substitute good that meets the same needs.
The income effect causes consumers to buy less goods when prices increase.
Economists use the term Ceteris Paribus meaning “all else equal” to indicate that they are looking at only one economic relationship
The Prices of related goods change (price increase in)
Expectations -- a predicted shortage that will increase demand
Number of Buyers -- more buyers increases demand (duh)