The Law of Supply:
Other Things Equal
Quantity Supplied Rises
When the Price Rises
The Law of Demand:
Other Things Equal
Quantity Demanded Falls
When the Price Rises
On Comparative Advantage:
Yes, Trade Creates Wealth.
Costs Will Fall while Incomes Rise
When We Specialize.
Special thanks to Scott Barton for the first line of the Supply and Demand Haikus, which allowed me to get the “all else equal” condition in there.
