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The concept of supply and demand is one of the most important in economics and is the basis of a market economy. Demand refers to the amount of a product or service desired by buyers at a particular price. Supply refers to how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. The correlation between price and how much of a product or service is supplied to the market is known as the supply relationship. Price is a reflection of supply and demand.