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Economics is the name of how to earn the money and how to consume it. It is the most basic definition of economics presented by the father of Economics Adam Smith in the last 18th century (R. A. Radford, 1945). Although the entire study of the subject of economic is quite indispensable, however there are some topics whose significance cannot be matched with any other thing. Like the topic of supply and demand which has a real significance both in the world of economics and in the practical work as well. Supply and demand has an inverse relation with each other as when supply increases demand decreases and vice versa. There are a number of factors which influences the stance comprehensively which includes the abundance or scarcity of a thing and the overall law and order situation of a country. Let me give an example, let say in India, the demand of tea is increasing and due to its high demand supply of the tea effected and resultantly decreases its supply. Supply and demand instances has a real influence over the decision making of a person because it apprise a government or an organization regarding the abundance or scarcity of a particular thing or item which will ultimately effect on the decision making of a person. There are four key points which has been mentioned in the simulation. The four points which fluctuates the demand and supply curves in either ways are,
We can apply the supply and demand concept on our workplace to analyze the demand of a particular product. With the help of marketing surveys and overall industry analysis, we can gauge the level of demand and supply of a particular product. In the end we would like to say that the stance is an imperative tool to assess the scope of a product which is quite essential in the current corporate world.