This week for reading I learnt about supply and demand.
First I had to read a book about what supply and demand is for economys. What is supply? Supply is the amount of a certain good that a seller is willing and able to provide to buyers. An example of this is the total amount of apples a farmer is able to produce and offer to the market.
Next I had to learn about demand, Demand is an economic concept that relates to a consumer’s desire to purchase goods and services and willingness to pay a specific price for them. What is supply and demand in simple terms? Supply is the amount of a specific good or service that’s available in the market. Demand is the amount of the good or service that customers want to buy. Supply and demand are both influenced by the price of goods and services