Essay On Supply And Demand Law
Supply and Demand law is one of the vital laws in economics which plays an important role in determining the prices and forming the markets. It affects and is affected by the benefits, productions, consumptions, national income, and the general economic growth.
Definition of Supply and Demand:-
Supply is the amount of goods or services offered by the producers at each level of pricing in a specified period of time.
Each facility is trying to achieve the greater amount of production with the minimal amount of costs, and this is done by the mechanism they used to assemble the production factors and use them in the production process.
Assuming the stability of the technology level and the facility size, and considering the competitors, the taxes,
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National income level , operating , unemployment , training and qualification , productivity ... and generally there is a correlation between price changes and the responses of the supply and demand which is called the price elasticity relationship for both demand and supply (price elasticity of demand and supply). It reflects the ratio of the changes in the quantity supplied or required to the relative changes of prices.Flexibility is affected by several factors including: the degree of importance of the item to the consumer,its share in total income,susceptibility for re-storage, the extent of its dependency on natural factors and conditions, trends and tastes and technological level.
Supply, Demand, and Economic Growth
Supply and demand are the main engines for the economic growth, and this would be achieved by the total interaction between the supply and the demand on the term of the national economy and it includes:
1. The total institutions, companies, and facilities of all kinds that supplies or imports goods or services.
2. Total economic resources that are used in the production processes (Human resources, infrastructures, machines and equipments, lands, constructions, rehabilitation and trainings, regulations and administrative
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