Demand and Supply:Demand and Supply is possibly one of the most fundamental concepts of economics and this is the backbone of a market economy. Demand refers to how much (that is, quantity) of a product or service is preferred by buyers. The quantity demanded is the amount of product people are willing to purchase at certain price; the relationship among price and quantity demanded is termed as the demand relationship. Supply symbolizes how much the market can offer. The quantity supplied refers to the amount of a certain good producers are agreeable to supply whenever receiving a certain price. The co-relation among price and how much of a good or service is supplied to the market is termed as the supply relationship. Price, thus, is a reflection of demand and supply.
The relationship between demand and supply lie beneath the forces behind the allocation of resources. In market economy theories, demand and supply theory will assign resources in the most proficient manner possible.
The four fundamental laws of demand and supply are as follows:
A) When demand increases and supply remains unaffected, a shortage takes place, leading to a higher equilibrium price.B) When demand reduces and supply remains unaffected, a surplus takes place, leading to a lower equilibrium price.C) When demand remains unaffected and supply increases; a surplus takes place, leading to a lower equilibrium price.D) When demand remains unaffected and supply reduces, a shortage takes place, leading to a higher equilibrium price.
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