Demand is the desire consumers have for a good or service. The more people want a good, the higher is its demand. Supply is the total amount of a good or service available for use. The higher the amount of a good produced and made available to consumers, the larger will be its supply. Demand and supply have a big impact on prices of products and services. The place where demand and supply interact is called Markets.
Does it imply that the market always responds the way demand and supply curves shift? What are the factors that determine shift in market behaviour? This module focuses on the principles of free-market economics, its concept of equilibrium, how demand and supply affect market prices and if there are exceptions to the law of demand and supply.