The quantity of a product that consumers are willing and able to buy at a given price and time
Supply
The quantity of a product that suppliers are willing and able to supply to a market at a given price and time
Demand curve
Usually slopes downwards —> shows that as the price of a product increases, demand decreases
Supply curve
Shows relationship between price and quantity supplied —> usually slope upwards meaning the higher the price charged for a product, the higher the quantity supplied
Equilibrium price
When the amount demanded matches the amount supplied
