Introduction to Supply and Demand

This article gives an introduction to supply and demand.

Supply and demand form the most fundamental concepts of economics. Whether you are an academic, farmer, pharmaceutical manufacturer or simply a consumer, the basic premise of supply and demand equilibrium is integrated into the daily actions of our society. Only after understanding the basics of these models can the more complicated aspects of economics be mastered. At its core, supply and demand reveal the relationship between prices and quantities of goods. Although there is much theory behind the concepts of supply and demand, this article aims to explain the model in its most basic form. Read more Introduction to Supply and Demand