what is supply and demand in economic
Answers
Explanation:
Supply and demand, in economics, relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy. ... The price of a commodity is determined by the interaction of supply and demand in a market.
Demand is how much people want a product or service.
Supply is how much product or service is available.
If demand is lacking price goes down. merchandisers try to present a product that creates demand with a higher price.
If supply is abundant price usually is lower, unless propaganda says the down forces higher prices. In a free market, both supply and demand is transparent. In a monopolized corporate market all commodities, including money both are hidden since they own both.