graph depicting the proposed amount of a product as a function of its price (Economics)
In economics, supply and demand describe market relations between prospective sellers and buyers of a
good. The supply and demand
model determines price and quantity sold in the market. The model is fundamental in
microeconomic analysis of buyers and sellers and of their interactions in a market. It is also used as a point of departure for other economic models and theories. The model predicts that in a
competitive market, price will function to equalize the quantity demanded by consumers and the quantity supplied by producers, resulting in an
economic equilibrium of price and quantity. The model incorporates other factors changing such equilibrium as reflected in a shift of demand or supply.
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A graphical representation of a
supply schedule. Conventionally, the supply curve is drawn between axes with price plotted along the vertical axis and number of units of the good or service supplied plotted along the horizontal axis. Where the
law of supply applies to the particular market under consideration, the supply curve will slope (either gently or steeply) upwards from left to right. [See also:
supply,
supply schedule]
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