Definitions from the Web
Term: Supply and Demand
Definition:
Supply and Demand is a fundamental concept in economics which explains the relationship between the availability of a product or service (supply) and the desire or need for that product or service (demand). It states that the price and quantity of a product are determined by the interaction of its supply and demand in the market.
Senses:
- Noun - Economic:
In economics, supply and demand refers to the relationship between the quantity of a good or service that producers are willing to sell (supply) and the quantity that consumers are willing to buy (demand). It determines the equilibrium price and quantity in a market.
Example sentence: The increase in demand for smartphones resulted in a higher price due to the imbalance between supply and demand.
- Noun - Popular:
Supply and demand commonly refers to the fundamental law of demand and supply, governing the availability and desire for various goods and services in daily life, beyond just economics.
Example sentence: The supply and demand of tickets for the concert were incredibly imbalanced, causing ticket scalpers to sell them at outrageous prices.
- Verb - Economic:
In economic terms, to supply and demand means to provide or offer a product or service in response to the demand from consumers.
Example sentence: The company decided to increase production to supply and demand for their popular product.
- Verb - Popular:
Outside of economics, to supply and demand refers to the act of meeting or fulfilling someone's request, need, or demand.
Example sentence: The restaurant was unable to supply and demand for a gluten-free option, disappointing some customers.
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