What is Supply and Demand?

In economics, supply and demand refer to the relationship between the quantity of a good or service available and the quantity people are willing to purchase at a given price. When the quantity of a good or service that is available (the "supply") is greater than the quantity that people are willing to purchase (the "demand"), the price of the good or service will generally fall. Conversely, when the quantity of a good or service is less than the quantity…