πŸ“ˆ Economics

Explain supply and demand please?

1 answers
Usman HaroonMedical Student at King's College London.17.5k students helped

Demand is the willingness to purchase a given good or service at a particular price at a given time. Supply is the willingness of manufacturers to supply a given good or service at a particular price at a given time. The point at which these two meet is usually at a market in which a price and quantity or a given good/ service is a agreed.