Running head: SUPPLY, DEMAND AND EQUILIBRIUMSupply, Demand and EquilibriumNameInstitution affiliationInstructorDate1SUPPLY, DEMAND AND EQUILIBRIUMIntroductionEconomics is the allocation of resources, distributing the resources and consuming theresources. This involves management of products from companies or any farm (Fleetwood,2014). Classical economics shows static model of the relationship between the supply and thedemands of goods. Currently in the real world, the prices of goods in the market places areaffected by the inventions in goods held by the manufactures (Kittaneh, 2014). Suppose the rateof supplying of the goods and services equals the consumer demands, then, economically it issaid that the market is at equilibrium. The discussion below focuses on supply, demand andequilibrium under in details. The discussion as well looks at the relationship between supply,demand and equilibrium in market places, which is elaborated using the supply and demandcurves.SupplySupply is the ability of the seller or a company to deliver goods and services to thecustomer. It may occur at the market places or at the factory sites. The rate at which the supplierwill deliver the goods to the customer depends on the price of the goods at the market place.When the price of a commodity is high, then more goods can be supplied (Marwala & Hurwitz,2017). Most suppliers prefer retaining their goods up to the periods when their prices hike.The supply rate also depend ...
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