Demand and Supply

Demand: quantity of a good (or service) the buyers are willing to purchase at a particular price

Supply: is the quantity of a good the sellers are willing to deliver at a particular price.

The law of demand: higher the price— lower will be the demand from the consumer (to save up for other purchases).

The law of supply: higher the price, higher will be the supply from the manufacturers (make hay while the sun shines!).