Journal of Economics and Economic Education Research (Print ISSN: 1533-3590; Online ISSN: 1533-3604)


Understanding the forces of supply and demand: the pillars of economics

Author(s): Hidenori Uematsu

Understanding the forces of supply and demand serves as the cornerstone of economic analysis and policymaking. This paper delves into the fundamental principles that govern supply and demand dynamics, elucidating their pivotal role in shaping market outcomes and determining prices. It explores the intricate interplay between supply, representing producers' willingness and ability to offer goods and services, and demand, reflecting consumers' desires and ability to purchase. Furthermore, the paper examines the factors influencing both supply and demand, including changes in input costs, technological advancements, consumer preferences, and macroeconomic conditions.

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