Describe the Concept of Supply and 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. Provide an example of this theory. Explaining Supply And Demand Economics Help Supply and demand is one of the most basic and fundamental concepts of economics and of a market economy. . Forming the basis for introductory concepts of economics the supply and demand model refers to the combination of buyers preferences comprising the demand and the sellers preferences comprising the supply which together determine the market prices and product quantities in any given market. The theory defines the relationship between the price of a. The law of supply explains that when the price increases seller increases the supply to obtain maximum. In conclusion although the concept of demand and supply are introduce to separate it is the combination of these those forces that d...
