SUPPLY AND DEMAND

Supply and Demand

Supply and Demand

Microeconomics aims to study about the firm's actions and impacts in relation to the market, product's demand and its supply. Demand and supply, although being the most common and initial concepts to be understood to study microeconomics, yet they are the ones most essential to understand.

Demand can be defined as the willingness and the ability of a person, firm, industry or a country to purchase a good or service of a specific quality. It is the concept that defines the expression of a potential buyer for acquiring a particular product or services in the presence ...