by Muimi Nzangi | Nov 23, 2024 | Economics Notes
In economics, supply means the amount of a good or a service a producer is willing to sell at each price. It refers to the relationship between a range of prices and the quantities supplied at those prices. The quantity supplied refers to a specific point on the...
by Muimi Nzangi | Nov 12, 2024 | Economics Notes
Demand in economics describes a consumer’s desire to purchase goods and services and their willingness to pay a specific price for those goods and services. Adam Smith, considered the father of modern economics, in his famous book “Wealth of Nations” made the...
