why it is important to know the quantity supplied and qunatity demanded in a given market
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Supply and demand are both important for the economy because they impact the prices of consumer goods and services within an economy. According to market economy theory, the relationship between supply and demand balances out at a point in the future; this point is called the equilibrium price.
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The law of supply and demand is a theory that explains the interaction between the sellers of a resource and the buyers for that resource.The theory is based on two separate "laws," the law of demand and the law of supply. The two laws interact to determine the actual market price and volume of goods on a market.
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