Briefly explain Supply and Demand

Supply refers to the number of goods or services that a supplier is willing and able to supply at a given price. The supply can be represented graphically by the use of the supply curve. The supply curve has a positive slope meaning that as the price increases, the suppliers are willing to supply more goods or services to make more profit.

On the other hand, demand can be described as the number of goods or services that a consumer is willing and able to buy at a given price. The demand can be represented graphically with a demand curve. The demand curve has a negative slope meaning that as the price of goods and services decreases, a consumer will purchase more goods or services.