Supply and demand is one of the important topics of economics subject. Demand is the study of the quantity of particular product or services that is preferred by a consumer and supply, on the other hand supply is the study of the amount of product that can be supplied by the seller. It is like a two sides of a coin, as without supply there is no demand and without demand, there is no supply. The concept of supply and demand is very vast and has many things included in it. Demand rises when the consumers find the price of a commodity low resulting in high demand, and eventually high supply of the commodities. It is also called as the demand relationship. Supply is the quantity that sellers are willing to supply at particular price mirrors the supply relationship.The law of supply and demand is basically a theory which explains the connection and interaction between the demand of the resource and the supply of the resource. This law simply stats that effect about the availability of a particular commodity and the consumer’s desire to buy that product. Generally, if there is a low supply and a high demand, the price will be high. In contrast, the greater the supply and the lower the demand, the lower the price will be.
The law of supply and demand is not an actual law but it is well confirmed and understood realization that if you have a high number of one product, the price for that item should go down. At the same time, you need to understand the interaction; even if you have a high rate of supply, if the demand is also high, the price could also be high. In the world of stock investing, the law of supply and demand helps innumerably explaining a stock’s price at any given time. It is the base to any economic understanding and has helped in the growing study base for this subject.
Beside this, there are several other factors that results in shifting of demand curve, like the income, climate or any other circumstances. If the product or service is of normal range then demand becomes directly proportional to the income; this means that if income increases, demand also increases contrary if income lowers down, demand also decrease. Similarly, if the good is of low cost, demand becomes indirectly proportional to the income, that is increase in income results in lower demand and decrease in income will end at higher demand. Thus, increase in demand results in rightward shift of the demand curve and decrease in demand will give a curve with leftward shift. Similarly, supply curve also tends to shift when different factors come in play. Increase in supply results in rightward shift of the curve and decrease in supply shows leftward shift of the supply curve. Supply curve is affected by the environment, manpower, technology and any other medium that effect the production of good and hence in turn results in higher or lower supply.
As we have seen, supply and demand as a concept is very easy to understand but its application theories and case studies are a bit complex, which results in non-completion of projects and assignments by the students on time. But, don’t worry, we have a special team of tutors who are professionally sound in this topic and are eager to help you out with your work. We have well-coordinated and educated experts from reputed universities of Australia. They have years of teaching experience in this field, hence they will write your supply and demand subject assignment applying Economics and various supply and demand base concept and ideas. We also provide topic related case studies and thesis writing work which will help the student in understanding the concept with ease. Our tutors follow the deadline completion date and will provide you 100% plagiarism free work. So, don’t worry more, and let us know when should we help you out. Contact us or visit our website, mentyor.com for more details on the topics and various services that might be of your help.
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