Executive summary
Demand and supply is the basic concept of economics and hence it is the backbone of market economies around the world. Demand implies the willingness and potential on the part of a consumer to purchase a product at a specified price while supply indicates the quantity of the same product available in the market for sale. The price is a major factor determining the demand for a product in the market even though the consumer’s income and preference along with the price of certain other complementary products tend to influence the price. Supply of a product in the ...