Your assignment is to prepare and submit a paper on the law of supply and demand. This is basically a study of factors which affect economic decisions of individuals, households and business enterprises in specifically defined markets. In view of these, a relevant topic encompassing economics at the abovementioned level is the law of supply and demand. The factors involved in the concept surrounding supply and demand will be presented and assessed in terms of their effects on the economic market and competition. For purposes of explaining and presenting relevant concepts in relation to the law of supply and demand, it is imperative at this point to define terms which are used in this topic. As mentioned earlier, the law of supply and demand in microeconomics takes into consideration the economic decisions of individuals, households and business enterprises in specifically defined markets. According to BasicEconomics (2009 par.1), “a market is defined as a group of buyers and sellers of a particular product or service. Competitive markets are markets with many buyers and sellers so that each has a very small influence on the price. Supply and demand is the most useful model for a competitive market, and shows how buyers (citizens) and sellers (businesses) interact in that market.” . The main factor that influences the law of supply and demand is the price of the product or service in consideration. Mofatt (2009) defines demand as “the want or desire to possess a good or service with the necessary goods, services, or financial instruments necessary to make a legal transaction for those goods or services.” Individuals have certain needs, want or desires which influence the demand for a product. Supply, on the other hand, is simply stated as the number of products or services available for sale. The law of demand is explained as follows: when prices of a certain product or service increases, all other factors or considerations in the status quo, the quantity demanded of that product will decrease.
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