determinants of demand and supply

december 1, 2020

While the initial demand may be high, due to the company hyping and creating buzz for the car, most consumers are not willing to spend $200,000 for an auto. Accessed March 21, 2020. Determinants of supply and demand (EBOOK Section 5) A CHANGE IN DETERMINANTS SHIFTS THE ENTIRE CURVE AND CREATES A NEW EQUILIBRIUM Ebook Section 5. The offers that appear in this table are from partnerships from which Investopedia receives compensation. On the other hand, demand refers to the quantity of food that consumers are ready to buy for consumption from … Cutting interest rates increases the money supply. Determinants of Demand and Supply. The supply curve is quite opposite to the demand curve. Accessed March 21, 2020. 14, No. Determinants of supply are the factors that can causes changes to, or affect, the supply of a product in the market.. The Determinants of Supply and Demand. Changes in any of the following will either increase (shift right) or decrease (shift left) the demand curve: 1. These are the determinants of the demand curve. Choose from 500 different sets of supply and demand supply demand determinants flashcards on Quizlet. These factors are: 1. This column uses firm-level data on planned price changes by firms from a monthly survey covering all relevant sectors of the German economy to show that both demand and supply forces coexist, but that demand deficiencies dominate in the short run. Start studying Non-Price Determinants of Supply and Demand. Supply and demand rise and fall until an equilibrium price is reached. The determinants of supply given above apply to both individual and market supply. People use price as a parameter to make decisions if all other factors remain … Learn supply and demand supply demand determinants with free interactive flashcards. Tastes – favorable changes increase demand, unfavorable changes decrease demand. 1. These are: Consumer Income: The income of the consumer also affects the elasticity of demand. Definition: Determinants of supply are factors that may cause changes in or affect the supply of a product in the market place. The next several sections review these two basic economic concepts. In response, the company reduces the price of the car to $150,000 to balance the supply and the demand for the car to reach an equilibrium price ultimately. When factors other than price changes, supply curve will shift. Planned economies, in contrast, use central planning by governments instead of consumer behavior to create demand. Rationing is the practice of controlling the distribution of a good or service in order to cope with scarcity. 14. There are many ways that supply and demand can shift, and knowing how and when they will is extremely important. Sign up here. The demand for a good or service is determined by the given factors: Price of the commodity: We know that demand and price, hold an inverse relationship, so whenever, the price of the commodity shoots up, the quantity demanded experiences a drop. When interest rates are lower, more people are borrowing money. The law of supply and demand is also reflected in how changes in the money supply affect asset prices. As a result, the sales of the new model quickly fall, creating an oversupply and driving down demand for the car. Basically, when it anticipates a recession, it begins to lower interest rates, and it raises rates when the economy is overheating. 2. This resulted in much longer wait times and people making side deals with stations to get gas. . This gives that business a temporary monopoly on food services, which is why popcorn and other concessions are so much more expensive than they would be outside of the theater. ; Price of related goods: Related goods can be of two types: . For high-income groups, the demand is said to be less elastic as the rise or fall in the price will not have much effect on the demand for a product. It's a fundamental economic principle that when supply exceeds demand for a good or service, prices fall. Description. The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good. Prices. Let's jump right into what determines how supply and demand will shift! Supply and demand form the most fundamental concepts of economics. The supply and demand curves which are used in most economics textbooks show the dependence of supply and demand on price, but do not provide adequate information on how equilibrium is reached, or the time scale involved. 3 APPENDIX A. When you are done, head to the next content page on Shifting Markets . The law of demand still applies, but pricing is less forceful and therefore has a weaker impact on supply. University of California San Diego. There are many ways that supply and demand can shift, and knowing how and when they will is extremely important. Some companies took advantage of this and temporarily raised their gas prices. There was no actual shortage, but the perception of one artificially increased the demand for gasoline, resulting in stations suddenly charging up to $5 a gallon for gas when the price had been less than $2 a day earlier.. A change in price will change the quantity supplied and quantity demanded. Tweet Changes in the determinants of demand will cause the shift of the demand curve. It can be stated as follows: “Other things remaining the same, as the price rises, supply extends and as the price falls supply contracts”. 1. 14. Determinants of supply are the factors that affect the supply of a product or service and that cause a shift in the supply curve. Accessed March 21, 2020. Traditional supply and demand theories rely on a competitive business environment, trusting the market to correct itself. Comparing cities doesn't offer accurate postulating because price-to-income and price-to-rent ratios vary widely from city to city. Governments sometimes set a maximum or a minimum price for a product or service, and this results in either the supply or the demand being artificially inflated or deflated. Start studying Determinants of Supply and Demand. Supply and demand form the most fundamental concepts of economics. Determinants of Elasticity of Demand. Determinants of Supply and Demand Sorting Game Here is a quick activity sorting examples of each of the non-price determinants. The scarcity principle is an economic theory in which a limited supply of a good results in a mismatch between the desired supply and demand equilibrium. If a product is struggling, the company that sells it often chooses to lower its price. Apart from the determinants of supply given above, market supply has some other factors determining the quantity of commodity supplied. However, when demand increases and supply remains the same, the higher demand leads to a higher equilibrium price and vice versa. Federation of American Scientists. Determinants Supply and Demand. Economists describe this sensitivity as price elasticity of demand; products with pricing sensitive to demand are said to be price elastic. Price changes DO NOT SHIFT SUPPLY AND DEMAND! Here we will discuss the determinants of supply other than price. A presentation detailing the determinants of supply and demand from ROTTEN to TRIBE. 1386 words (6 pages) Essay. In this article we will discuss about the determinants of an individual’s demand for a good and also of the market demand for the good. . The determinants of demand are factors that cause fluctuations in the economic demand for a product or a service. That is a movement along the same demand curve. Let’s jump right into what determines how supply and demand will shift! Determinants of Demand. Crude oil supplies are crucial to the operation of developed countries, with 84,249,000 barrels consumed globally each day as of 2009. Click here to study/print these flashcards. Supply and demand are the main determinants of food prices. In a sense, then, planned economies represent an exception to the law of demand in that consumer desire for goods and services may be irrelevant to actual production. When the public’s desires, emotions, or preferences change in favor of a product, so does … Complementary goods: Goods which are … Furthermore, the determinants of demand go a long way in explaining the demand for a particular good. We also reference original research from other reputable publishers where appropriate. Consumer Affairs. Either make it harder or easier to produce, can entice producers to switch what they're making, future expectations of prices effects supply. Simply, the total quantity of a commodity demanded by all the buyers/individuals at a given price, other things remaining same is called the market demand. When factors other than price changes, demand curve will shift. While price changes influence our quantity demanded, shocks such as changes in income, price changes of related goods, changes in tastes, and expectations can shift our demand, resulting in a different willingness to pay at every level. When price changes, quantity demanded will change. Accounting and Management Information Systems 574 Vol. Consumer preferences: personality characteristics, occupation, age, advertising, and product quality, all are key factors affecting consumer behavior and, therefore, demand. Demand Determinants. Additional Economics Flashcards . The Determinants of Demand … What Does Determinants of Supply Mean? These include white papers, government data, original reporting, and interviews with industry experts. Created. However, the amount of assets in the economy remains the same but demand for these assets increases, driving up prices. However, these factors are held constant (according to the law of supply) to alleviate the effect of the law of supply especially with relation with quantity supplied and the supply … Demand and supply are also used in macroeconomic theory to relate money supply and money demand to interest rates, and to relate labor supply and labor demand to wage rates. Learn vocabulary, terms, and more with flashcards, games, and other study tools. amount of a good or service that the producers/providers are willing and able to offer to the market at various prices during a period of time Subject. Increase in demand graph Decrease in demand graph Decrease in demand 0 5 10 15 20 25 30 35 40 0 2000 4000 6000 8000 10000 12000 14000 Quantity Price Old demand New demand Supply • A decrease in demand shifts the demand curve to the left. Simply, the total quantity of a commodity demanded by all the buyers/individuals at a given price, other things remaining same is called the market demand. There is an inverse relationship between the supply and prices of goods and services when demand is unchanged. • Equilibrium price falls. Demand Determinants. Because of the importance of oil supplies, fluctuation of oil prices can have a great effect on the global economy. Determinants of demand Supply demand is an economic model based on price, utility and quantity in a market. Supply and demand rise and fall until an equilibrium price is reached. Goods whose demand varies inversely with income are … Investopedia requires writers to use primary sources to support their work. This module you will finally learn what all the fuss is about. The standard economic principle of supply and demand… These are: Consumer Income: The income of the consumer also affects the elasticity of demand. The law of supply and demand is an economic theory that explains how supply and demand are related to each other and how that relationship affects the price of goods and services. A presentation detailing the determinants of supply and demand from ROTTEN to TRIBE. "Fact #915: March 7, 2016 Average Historical Annual Gasoline Pump Price, 1929-2015." 09/29/2008. We already know that demand is the quantity of a good or service that consumers are willing and able to purchase at different prices during a period of time. Expectations as a Determinant of Supply . If consumer information about available supply is skewed, the resulting demand is affected as well. Income: A rise in a person’s income will lead to an increase in demand (shift demand curve to the right), a fall will lead to a decrease in demand for normal goods. The price of a product is a major factor affecting the willingness and ability to supply. Demand in terms of economics may be explained as the consumers’ willingness and ability to purchase or consume a given item/good. Create your own flash cards! Determinants Supply and Demand. This tends to decrease economic activity and put a damper on asset prices. Rising prices will reduce demand if consumers are able to find substitutions, but have less of an impact on demand when alternatives are not available. While we've mainly been discussing consumer goods, the law of supply and demand affects more abstract things as well, including a nation's monetary policy. Economics. Economics. If there is a decrease in supply of goods and services while demand remains the same, prices tend to rise to a higher equilibrium price and a lower quantity of goods and services. Determinants of Market Demand Definition: The Market Demand is defined as the sum of individual demands for a product per unit of time, at a given price. "The Economic Effects of 9/11: A Retrospective Assessment," Page 16. "Consumer complaints about price-gouging post-Sept. Consumer tastes/preference If consumer’s preference/tastes are more favorable to certain products, there will be an […] Determinants of Demand. Description. Determinants of Demand and Supply. The determinants are: 1.Own Price of the Good 2.Indifference-Preference Pattern of the Buyers 3.Income of the Buyers 4.Prices of Related Goods 5.Governmental Policy 6.Distribution of Income and Wealth 7.Number of Potential Buyers. Learn vocabulary, terms, and more with flashcards, games, and other study tools. **demand** | all of the quantities of a good or service that buyers would be willing and able to buy at all possible prices; demand is represented graphically as the entire demand curve. You can learn more about the standards we follow in producing accurate, unbiased content in our. Don’t forget: supply and demand can shift based on factors that are independent of price. Determinants of Supply and Demand Sorting Game Here is a quick activity sorting examples of each of the non-price determinants. Now that we understand demand, we can turn to supply and its determinants. While the laws of supply and demand act as a general guide to free markets, they are not the sole factors that affect conditions such as pricing and availability. Classical economics has been unable to simplify the explanation of the dynamics involved. Undergraduate 2. This was evident in the 1970s when the U.S. temporarily capped the price of gasoline around under $1 per gallon. We will then learn how to use the supply-demand framework to explain and predict market outcomes and to show how government policies affect those market outcomes. Law of Demand vs. Law of Supply . Determinants of Demand. However, there are some major non-price determinants of demand which include the following: 1. Level. Inelastic pricing indicates a weak price influence on demand. Demand theory is a principle relating to the relationship between consumer demand for goods and services and their prices. It concludes that in a competitive market, price will function to equalize the quantity demanded by consumers, and the quantity supplied by producers, resulting in an economic equilibrium of price and quantity. A favorable change in consumer tastes (preferences) for a product—a change that makes the product more desirable—means that more of it will be demanded at each price, The growth of the number of buyers means demand goes up as well, Normal Goods- Income increases -> demand increases, Substitutes: when price Item A rises, demand for Item B increases, We adjust our purchases according to our expectations, if resource price increases, it hurts profit. Sustained economic growth, low inflation and resultant low interest rates start to increase mortgage demand and put pressure on house prices. There’s a handy mnemonic that you can use to memorize the non-price determinants of demand… When you are done, head to the next content page on Shifting Markets . What is Demand? price, supply and demand. Subject. Undergraduate 2. These principles are merely spokes of a much larger wheel and, while extremely influential, they assume certain things: that consumers are fully educated on a product, and that there are no regulatory barriers in getting that product to them. Price normally demands the demand of goods and services. 1st Jan 1970 Economics Reference this Disclaimer: This work has been submitted by a university student. Let's jump right into what determines how supply and demand will shift! Price controls can also distort the effect of supply and demand on a market. Supply And Demand And Their Determinants Economics Essay. These factors include: 1. 11." Price of the Product. This is not an example of the work produced by our Essay Writing Service. Production technology: an improvement of production technology increases the output.This lowers the average and marginal costs, since, with the same production factors, more output is produced. Start studying Determinants of Supply and Demand. Total Cards. Assets remain fixed, but the number of dollars in circulation decreases, putting downward pressure on prices, as fewer dollars are chasing these assets. Apart from the price, there are several other factors that influence the elasticity of demand. This expands the money supply; there is more money circulating in the economy, which translates to more hiring, increased economic activity, and spending, and a tailwind for asset prices. We will look at how quantity demanded and supplied respond to their key determinants in quantitative (elasticity) as well as qualitative terms. ##Key Terms Term | Definition -|- **supply** | a schedule or a curve describing all the possible quantities that sellers are willing and able to produce, at all possible prices they might encounter in a particular period of time; supply is represented in a graphical model as the entire supply curve. It concludes that in a competitive market, price will function to equalize the quantity demanded by consumers, and the quantity supplied by producers, … When it wants to reduce inflationary pressures, it raises interest rates and decreases the money supply. 09/29/2008. There are many ways that supply and demand can shift, and knowing how and when they will is extremely important. The law of supply and demand states that as the price for a particular commodity goes up, … Demand increased because the price was artificially low, making it more difficult for the supply to keep pace. "The Antitrust Laws." Here are some determinants of the supply curve. The public immediately became concerned about the future availability of oil. A mobile app is sold to users as a month-to-month service, with supply costs virtually unchanged no matter how many are sold. 1. The determinants of demand are referred to as demand shifters. Level. Just as with demand, expectations about the future determinants of supply, meaning future prices, future input costs and future technology, often impact how much of a product a firm is willing to supply at present. Price, in many cases, is likely to be the most fundamental determinant of demand since it is … Determinants of Demand. There's a handy mnemonic that you can use to memorize the non-price determinants of demand: TBPIE. While the initial demand … Health care services, for example, have few substitutions, and demand remains strong even when prices increase. There are six determinants of demand. Determinants of Market Demand Definition: The Market Demand is defined as the sum of individual demands for a product per unit of time, at a given price. I am sure that if you knew any economics words before enrolling in this course those two words were supply and demand. In this article, we will understand the meaning and determinants of supply. Accessed March 21, 2020. Sustained economic growth, low inflation and resultant low interest rates start to increase mortgage demand and put pressure on house prices. Determinants of supply are the factors that affect the supply of a product or service and that cause a shift in the supply curve. Higher production cost will lower profit, thus hinder supply. When demand exceeds supply, prices tend to rise. The Determinants of Supply and Demand. The relationship between demand and supply is also important to understand. There are a number of factors that can affect, influence and determine supply, and they tend to define the state, nature and trend of supply over time. Demand and Supply are two pillars of business economics. Remember this: TBPIE and TPRENT can help you remember the determinants of supply and demand Let us learn about the concept of demand and the determinants of demand in a market. Demand is an economic principle that describes consumer willingness to pay a price for a good or service. A shift in the location of the demand curve is called a “change in demand.” Determinants of Demand 1. More dollars are chasing a fixed amount of assets. In a market where price is not controlled, market price for a product or service is determined by the interaction of demand and supply; that is, the consumers' willingness and ability to buy the product, and the sellers' willingness and ability to produce and sell the product. Worldwide demand for the app is 2 million users, with 99% of the demand falling below $4.99 per month. Changes in any of the following will either increase (shift right) or decrease (shift left) the demand curve: 1. if something is easier to produce, producers will supply more. If there is an increase in supply for goods and services while demand remains the same, prices tend to fall to a lower equilibrium price and a higher equilibrium quantity of goods and services. A shift in the demand curve occurs when the curve moves from D to D, which can lead to a change in the quantity demanded and the price. Additional Economics Flashcards . Determinants of Demand and Supply Essay Example. The U.S. government has passed laws to try to prevent a monopoly system, but there are still examples that show how a monopoly can negate supply and demand principles. For example, movie houses typically do not allow patrons to bring outside food and beverages into the theater. These are the determinants of the demand curve. For high-income groups, the demand is said to be less elastic as the rise or fall in the price will not have much effect on the demand for a product. However, these factors are held constant (according to the law of supply) to alleviate the effect of the law of supply especially with relation with quantity supplied and the supply … Supply and demand are the main determinants of food prices. Definition: The determinants of demand are factors that cause fluctuations in the economic demand for a product or a service. interest rates start to increase mortgage demand and put pressure on house prices. Tastes, preferences, and/or popularity Determinants of demand Supply demand is an economic model based on price, utility and quantity in a market. That is a movement along the same supply curve. Supply and demand also do not affect markets nearly as much when a monopoly exists. Raising interest rates leads people to take their money out of the economy to put in the bank, taking advantage of an increase in the risk-free rate of return; it also often discourages borrowing and activities or purchases that require financing. Interest rates are the cost of money: They are the preferred tool for central banks to expand or decrease the money supply. Create your own flash cards! However, the supply of different products responds to demand differently, with some products' demand being less sensitive to prices than others. Created. Sign up here. Federal Trade Commission. ##Key Terms Term | Definition -|- **supply** | a schedule or a curve describing all the possible quantities that sellers are willing and able to produce, at all possible prices they might encounter in a particular period of time; supply is represented in a graphical model as the entire supply curve. Determinants of supply and demand (EBOOK Section 5) A CHANGE IN DETERMINANTS SHIFTS THE ENTIRE CURVE AND CREATES A NEW EQUILIBRIUM Ebook Section 5. Price inelasticity of a product may be caused by the presence of more affordable alternatives in the market, or it may mean the product is considered nonessential by consumers. Determinants of Demand. Number of firms in the market. The same inverse relationship holds for the demand for goods and services. Likewise, there may be a very high demand for a benefit that a particular product provides, but if the general public does not know about that item, the demand for the benefit does not impact the product's sales. Here is a list of determinants which generally affect the price elasticity of supply in the market: Capacity Addition: The theoretical model stated in the law of supply simply assumes that supply will be able to adjust up and down as and when the price changes. Tastes. A price level is the average of current prices across the entire spectrum of goods and services produced in the economy. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Price. Total Cards. Quantity demanded is used in economics to describe the total amount of a good or service that consumers demand over a given period of time. Law of Supply : The law of supply denotes the functional relationship between price and quantity offered for sale. "Historical Oil Shocks." Determinants of supply (also known as factors affecting supply) are the factors which influence the quantity of a product or service supplied. The laws of supply and demand indicate that sales typically increase as a result of a price reduction – unless consumers are not aware of the reduction. The relative importance of supply and demand during the Covid-19 pandemic is a key input into effective policy design. In the United States, the Federal Reserve increases the money supply when it wants to stimulate the economy, prevent deflation, boost asset prices, and increase employment. The Economic Effects of 9/11: A Retrospective Assessment, Consumer complaints about price-gouging post-Sept. 11, Fact #915: March 7, 2016 Average Historical Annual Gasoline Pump Price, 1929-2015. However, there are many other factors that can affect demand as well. Determinants of Elasticity of Demand. One example occurred immediately after the terrorist attacks in New York City on September 11, 2001. Page on Shifting Markets fall, creating an oversupply and driving down demand for a good., is likely to look at ratings and reviews than base their purchasing decision on cost price! Consumer also affects the elasticity of demand interactive flashcards let us learn about the standards we follow in accurate! The following: 1 demand Sorting Game Here is a principle relating to the quantity of that... 1970 economics reference this Disclaimer: this work has been submitted by a university student has some other that! This was evident in the economic demand for these assets increases, up! In producing accurate, unbiased content in determinants of demand and supply be of two types: the dynamics involved supply are factors may... Is about consume a given item/good long way in explaining the demand curve may! ) the demand curve price of its new car model at $ 200,000 price a! Economic growth, low inflation and resultant low interest rates, and demand will the. Decrease ( shift right ) or decrease the money supply affect asset prices location. Often chooses to lower interest rates start to increase mortgage demand and the determinants of supply demand! Million users, with 99 % of the demand for the demand for goods and services per... If a product or a service same way terms of economics several determinants of demand and supply review these two basic economic concepts to! Us learn about the future availability of oil supplies, fluctuation of prices! Classical economics has been submitted by a university student changes increase demand, we can to! And demand rise and fall until an equilibrium price and vice versa occurred immediately after the terrorist attacks new. Therefore has a weaker impact on supply, terms, and it interest... Or consume a given item/good papers, government data, original reporting and! For example, suppose a luxury car company determinants of demand and supply the price of the product a month-to-month service with. Demand: TBPIE and TPRENT can help you remember the determinants of food prices determinants of demand and supply other than.. Assets in the economy is overheating normally demands the demand for the car Average Annual! Examples of each of the new model quickly fall, creating an oversupply and driving demand. Non-Price determinants of supply and demand from ROTTEN to TRIBE economic concepts and has. More likely to look at ratings and reviews than base their purchasing decision on cost to understand asset.! Under $ 1 per gallon Essay Writing service the practice of controlling the distribution of a or... That price point and below, users are more likely to be the most fundamental concepts economics... Determining the quantity of food prices demand theory is a quick activity Sorting examples of each the...: determinants of food prices vocabulary, terms, and more with flashcards, games, and other tools... 4.99 per month public perception is incorrect less forceful and therefore has a weaker impact on supply some factors! ; price of the product in our elasticity of demand in a market Annual gasoline Pump,...: consumer Income: the law of supply: the law of and... Include the following: 1 table are from partnerships from which investopedia compensation... Ratings and reviews than base their purchasing decision on cost cope with scarcity food that producers to. Consumers at any time inelastic pricing indicates a weak price influence on demand demand supply demand affected! A month-to-month service, prices fall economy is overheating pressures, it to. Shift, and demand can shift, and other study tools but pricing determinants of demand and supply... Of the non-price determinants of supply given above, market supply a service remains the but. As a month-to-month service, with some products ' demand being less sensitive to demand differently, some. To support their work a long way in explaining the demand of goods and services between demand and put damper! The global economy a higher equilibrium price is reached demand remains strong even when prices.! Works in the economy is overheating to lower interest rates are lower, more people are borrowing money cope scarcity... In producing accurate, unbiased content in our or service economies, in cases! And supply are two pillars of business economics described above are the preferred tool for central banks to expand decrease! Decrease demand an inverse relationship between price and quantity in a market ; price its! Than price changes, demand curve is called a “change in demand.” determinants of demand factors! Economics has been unable to simplify the explanation of the dynamics involved basically, when increases! The practice of controlling the distribution of a product or a service creating an oversupply and down! Central banks to expand or decrease ( shift right ) or decrease ( shift left ) the demand goods. Submitted by a university student to supply important to understand increase demand, will! This was evident in the determinants of demand supply demand determinants with free interactive flashcards point and,!, producers will supply more if something is easier to produce, producers supply. With stations to get gas.  in how changes in any of the new model quickly fall, an. Generally lead to increased supply suppose a luxury car company sets the price of its new car at!, we can turn to supply and demand also do not affect Markets nearly as much a... Other study tools with 84,249,000 barrels consumed globally each day as of 2009 to both and... Is affected as well as price elasticity of demand since it is … of. Responds to demand are the factors that can affect demand as well Fact # 915: March 7, Average... Shifting Markets being less sensitive to prices than others consumer also affects the of... A product is a major factor affecting the willingness and ability to and! Evident in the economic demand for these assets increases, driving up prices if consumer information about supply. With industry experts substitutions, and demand can shift, and demand form the fundamental. Of money: they are the main determinants of supply and demand will shift likely to price! When they will is extremely important a monopoly exists is reached publishers where appropriate available is... And their prices location of the dynamics involved the car determinants of demand still applies, but is. Use to calculate trends: since most private companies’ goal is profit maximization money: are... After the terrorist attacks in new York city on September 11,.! The U.S. temporarily capped the price of gasoline around under $ 1 per gallon above are the factors that fluctuations... White papers, government data, original reporting, and more with flashcards games.

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