Demand and supply

DEMAND
Consumers desire,ability and will to purchase the goods at various price.

DEMAND LAW
The inverse relationship between price and quantity demand of a good is known as the law of demand.

DEMAND CURVE
In economics the demand curve is the graph depecting the relationship between
the price of a certain commodity and the amount of it consumers will purchase at a given point.

SUPPLY
Supply is the willingness and ability of the producers to offer the goods in the market for a sale at various prices.

SUPPLY LAW
Law of supply states that keeping other
factors constant an increase in price results in an increase in quantity supplied.
In other words there is a direct relationship between price and quantity.

SUPPLY CURVE
It is the graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply.