supply and demand
suh-PLY and deh-MAND
səˈplaɪ ænd dɪˈmɑːndListen
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Dictionary meaning
the fundamental economic relationship governing price and quantity in markets; demand refers to the quantities of a good or service consumers are willing and able to buy at various prices, while supply refers to the quantities producers are willing and able to offer; when supply and demand are in balance the market reaches an equilibrium price; the phrase is used colloquially to explain any situation in which price or availability is determined by the interplay of consumer appetite and productive capacity, from housing markets to dating pools
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