Question

What is the difference between supply and demand *give me an explanation*like I am 5

Answer 1

Supply is the amount of things you have to sell the consumers, or people buying whatever you are selling. Demand is how much people want the item, demand could go higher as more people want the item such as a toy. The demand may go down to a very cheap price if nobody want the item. For example, the more the supply the lower the demand, the lower the supply, higher the demand

Answer 2

Demand is the desire of a buyer and his ability to pay for a particular commodity at a specific price. Supply is the quantity of a commodity which is made available by the producers to its consumers at a certain price. When demand increases supply decreases, i.e. inverse relationship.

Explanation: Examples of the Supply and Demand Concept

Supply refers to the amount of goods that are available. Demand refers to how many people want those goods. When supply of a product goes up, the price of a product goes down and demand for the product can rise because it costs loss. ... As a result, prices will rise.