Supply and demand are two basic concepts used in economics. These terms have to do with the goods that are available in the market. They also affect the price. Supply means the amount of given products that the producer intends to sell at a certain price. This price is usually determined by the supply and the demand of the product. So, the higher the price of a product, the higher the supply the product, and the lesser quantity of the product, the higher the price of that product is. Demand,
on the other hand refers to a consumer desire and willingness to purchase certain goods and the amount of money they can spend on them. So demand means the quantity of a product (or even a service) that is desired by the consumers.
