Supply and Demand
Passage
Supply and demand are two fundamental concepts in economics that determine the prices of goods and services in a market. The law of demand states that as the price of a good or service decreases, the quantity demanded increases, and vice versa. Conversely, the law of supply states that as the price of a good or service increases, the quantity supplied increases. When demand exceeds supply, prices tend to rise, and when supply exceeds demand, prices tend to fall. This creates an equilibrium price where the quantity demanded equals the quantity supplied. Changes in external factors such as consumer preferences, income levels, or the cost of production can shift the supply and demand curves, resulting in changes in market prices. Understanding the relationship between supply and demand is crucial for businesses and policymakers in making decisions regarding pricing, production, and regulation.
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