law of supply and demand


the economic principle that the price of a good or a service is determined by the forces of supply and demand so that, all other things being equal, an increase in demand causes the price to rise, while an increase in supply causes the price to fall.

Australian English dictionary. 2014.

Look at other dictionaries:

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  • supply and demand — Econ the quantity of goods available for sale at a given price, and the level of consumer need for those goods at a given price. The balance of supply and demand fluctuates as external economic factors such as the cost of materials and the level… …   The ultimate business dictionary

  • supply and demand — sup.ply and de mand n [U] the relationship between the amount of goods for sale and the amount of goods that people want to buy, especially the way it influences prices ▪ the law of supply and demand …   Dictionary of contemporary English

  • Supply and demand — For other uses, see Supply and demand (disambiguation). The price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D). The diagram shows a… …   Wikipedia

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