supply and demand
/səˌplaɪ ənd dɪˈmænd/
the relationship between availability and desire that determines price
supply and demand in a sentence
“Supply and demand set the equilibrium price of wheat.”
Origin of supply and demand
From supply (Latin supplere to fill up) + demand (Latin demandare to entrust)
Related Words
elasticity
the responsiveness of demand or supply to price changes
marginal cost
the cost of producing one additional unit
equilibrium
a state where supply equals demand
scarcity
the fundamental economic problem of unlimited wants and limited resources
utility
the satisfaction or benefit derived from consuming a good
monopoly
a market with only one seller