Question

10. Define supply and demand.

Answer 1

Supply is the amount of an item available.

Demand is the want or need of that object.

So when there is a high demand for something, like a new phone, then manufacturers will try and supply that demand.

When there is a low supply and high demand, prices increase and vice versa.

I hope this helps! :)

Answer 2

Step-by-step explanation:

Supply and demand, in economics, relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy. In equilibrium, the quantity of a good supplied by producers equals the quantity demanded by consumers.

Supply- can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.

Demand-an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service. Basically "How mush product the people are requesting."

Very glad I was able to help!!