Check sibling questions


  • Supply and demand are two words that you hear a lot in economics. They are also very important for understanding how markets work.

  • Supply is how much of something producers are willing to make and sell . For example, how many pizzas a pizza shop can make and sell in a day.

  • Demand is how much of something consumers are willing to buy. For example, how many pizzas people want to eat in a day.

  • Supply and demand depend on many things, such as the price of the product, the price of other products, the income and preferences of consumers , the technology and costs of production , and so on .

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Davneet Singh

Davneet Singh has done his B.Tech from Indian Institute of Technology, Kanpur. He has been teaching from the past 13 years. He provides courses for Maths, Science, Social Science, Physics, Chemistry, Computer Science at Teachoo.