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Supply and Demand

Supply refers to the amount of goods and services that producers/sellers are able and willing to provide for a given market at a specific time and price.

Demand refers to the amount of goods and services that buyers/consumers are willing to purchase at a specific price at a given time.

The forces of supply and demand are what determine prices.  Price helps consumers decide how to spend their money.  Price helps producers decide if they want to produce products for sale in the marketplace.

 

This page last updated on 06/25/00.

Dr. Cynthia Sparks is the Supervisor of Social Studies for Chesapeake Public Schools.  She is also an Adjunct Faculty member for the University of Virginia, Troy State University, and Old Dominion University.