Economics is a fundamental aspect of society that governs the allocation of scarce resources to satisfy unlimited wants and needs. One of the core principles of economics is the law of supply and demand, which determines the equilibrium price and quantity of goods and services in a market. Understanding the dynamics of supply and demand is crucial for businesses, policymakers, and consumers to make informed decisions and navigate the complexities of the market economy. In this assignment, we will explore the concepts of supply and demand, their interplay, and the factors that influence them to better comprehend the functioning of the economy.
