Economics Archives | Muimi Nzangi

The Concept of Supply in Economics

November 23, 2024 by Muimi Nzangi

An Illustration of Shifts in Supply Curve.

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 supply curve. Price is what the producer … Read more

The Concept of Demand in Economics

November 23, 2024November 12, 2024 by Muimi Nzangi

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 following assertions about the actions of economic actors: “Individual actors acting in their … Read more