- Words: 502
- Length: 2 Pages
- Topic: Economics
- Paper #: 31172393
Supply and Demand Determines Market Prices
This paper will explain the meanings of the following terms: supply, demand, market price, equilibrium, and market clearing price. This paper will then go on to explain how supply and demand determines market prices.
A person or company who is selling a product(s) and/or service(s) has a "supply" of products or services. Consumers, the people who are going to purchase the product(s) or service(s), have