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What is the law of supply and demand?

What is the law of supply and demand?. I can explain the law of supply and demand. supply. How much you have of a product or service. demand. How many people want or desire the product or service. prices. How much money goods or services cost. profit.

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What is the law of supply and demand?

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  1. What is the law of supply and demand? I can explain the law of supply and demand.

  2. supply • How much you have of a product or service.

  3. demand • How many people want or desire the product or service.

  4. prices • How much money goods or services cost

  5. profit • How much money you make after deducting your costs.

  6. buyers • A person who purchases goods or services

  7. sellers • A person who sells goods or services

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