During the pandemic did you observe that there is a shortage of supply of the face mask,

essentials, and goods due to the fact that it is on demand during the situation we are facing right
now. For us to understand what is happening right now to the supply and demand let us first
understand what is this. To start, what is supply and demand? Supply and demand is the structure
to the most key ideas of financial aspects or in economics. Regardless of whether you are a
scholastic, farmer, drug producer, or just a customer, the fundamental reason of supply and
demand equilibrium is incorporated into your day by day activities. (Pinkasovitch, 2020).
According to Chappelow (2019), basically supply and demand is a hypothesis that clarifies the
connection between the sellers of a resource and the buyers for that resource. The hypothesis
characterizes what impact the connection between the accessibility of a specific item and the
desire (or demand) for that item has on its cost or price. Although most explanations typically
focus on explaining the concept of supply and demand first, understanding demand is more
natural for some, and consequently assists with resulting portrayals. We begin our study of
markets by examining the behavior of buyers. What is demand? As stated by Chappelow (2020)
“demand is an economic principle referring to a consumer's desire to purchase goods and
services and willingness to pay a price for a specific good or service”.
Figure 1
Figure 1 shows the demand curve. This figure is an example of
the demand curve that illustrates the connection the price of a
good or service and the quantity demanded for a given
timeframe. The demand curve will move downward from the left
to the right following the law of demand (Kenton, 2019) as price
of a good increases, the quantity demanded of the good falls, and
as the price of a good decreases, the quantity demanded of the
good rises, ceteris paribus (Latin: other things equal) (n.d).
The Relationship between Price and Quantity Demanded
To start, what is quantity demanded? quantity demanded of any good is the amount of the good
or service that buyers are willing and able to purchase.
figure 2

This table shows how

many ice-cream cones
Catherine buys each
month at different
prices. If ice cream is
free, Catherine eats 12
cones per month. At
$0.50 per cone,
Catherine buys 10
cones each month. As
the price rises further,
she
buys fewer and fewer
cones. When the price reaches $3.00, Catherine doesn’t buy any cones at all. This table is a
demand schedule, a table that shows the relationship between the price of a good and the
quantity demanded, holding constant everything else that influences how much of the good
consumers want to buy. The graph in Figure 2 uses the numbers from the table to illustrate the
law of demand. By convention, the price of ice cream is on the vertical axis, and the quantity of
ice cream demanded is on the horizontal axis. The line relating price and quantity demanded is
called the demand curve. The demand curve slopes downward because, other things being equal,
a lower price means a greater quantity demanded.
Market Demand versus Individual Demand
For us to be able to know how the markets work, we need to know what is market demand first.
Market demand is the sum of all the individual demands for a particular good or service, and the
service over a particular period of time in a particular market.
figure 3
This figure is an example of Market
Demand versus Individual Demand. It
shows that at any price, Catherine and
Nicholas’ demand schedule tells us how
much ice cream he/she buys. The graph
in Figure 3 shows the demand curves that
correspond to these demand schedules.
Notice that we added the individual
demand curves horizontally to obtain the
market demand curve. In order to find the
total quantity demanded at any price, we
add the individual quantities, which are
found on the horizontal axis of the
individual demand curves. Because we
are interested in analyzing how markets function, we work most often with the market demand
curve. The market demand curve shows how the total quantity demanded of a good varies as the
price of the good varies, while all other factors that affect how much consumers want to buy are
held constant.
 Pinkasovitch, A. (29 January, 2020). Introduction to Supply and Demand. Retrieved from
https://www.investopedia.com/articles/economics/11/intro-supply-demand.asp
Chappelow,J. (29 September, 2019). Law of Supply and Demand. Retrieved from
https://www.investopedia.com/terms/l/law-of-supply-demand.asp#:~:text=The%20law%20of
%20demand%20says,are%20traded%20on%20a%20market.
Chappelow,J. (22 September, 2019). Demand. Retrieved from
https://www.investopedia.com/terms/d/demand.asp
Kenton, W. (9 September, 2019). Demand Curve. Retrieved from
https://www.investopedia.com/terms/d/demand-curve.asp.
DEMAND. Retrieved from
https://staffwww.fullcoll.edu/fchan/macro/1demand.htm#:~:text=Law%20of%20demand
%20states%3A%20As,1.
Mankiw, N.G. (2016). PRINCIPLES OF ECONOMICS. (8th Edition). 20 Channel Center
Street Boston, MA 02210 USA: Cengage Learning.