Supply and demand is an economic model where the price of a good or service is determined by the interaction of supply and demand in a competitive market. The model postulates that the price will vary until it reaches the equilibrium point where the quantity demanded equals the quantity supplied, resulting in a balance between the wants and needs of buyers and sellers. The concept of supply and demand forms the foundation of modern economic theory.
Supply and demand is an economic model where the price of a good or service is determined by the interaction of supply and demand in a competitive market. The model postulates that the price will vary until it reaches the equilibrium point where the quantity demanded equals the quantity supplied, resulting in a balance between the wants and needs of buyers and sellers. The concept of supply and demand forms the foundation of modern economic theory.
Supply and demand is an economic model where the price of a good or service is determined by the interaction of supply and demand in a competitive market. The model postulates that the price will vary until it reaches the equilibrium point where the quantity demanded equals the quantity supplied, resulting in a balance between the wants and needs of buyers and sellers. The concept of supply and demand forms the foundation of modern economic theory.
supply and demand is an economic model of price determination in a
market. It postulates that, holding all else equal, in a competitive market, the unit price for a particular good, or other traded item such as labor or liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted. The concept of supply and demand forms the theoretical basis of modern economics.