AP European History
Supply and demand is an economic model that describes how the price and quantity of goods are determined in a market economy. The law of supply states that as the price of a good increases, the quantity supplied also increases, while the law of demand states that as the price of a good decreases, the quantity demanded increases. This interaction between supply and demand helps to establish market equilibrium, where the amount of goods buyers want to purchase equals the amount sellers want to sell, a crucial aspect during the rise of global markets.
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