MJ Industries

Introduction Do you remember when big screen TVs first hit the market? Initially, there was a high demand for these devices, but only a few specialty retailers carried them. Today, almost every audio-video retailer and general merchandising department store has a section dedicated solely to large screen TVs. The supply and availability have certainly increased to meet the high level of demand, and prices today are a fraction of what they used to be. Understanding Supply and Demand Supply and demand are fundamental concepts in economics that lead to the determination of prices. In this article, we will delve into these concepts, explain what a market is, summarize the roles of buyers and sellers in the marketplace, and describe what demand and supply curves are and what causes movements along and shifts in these curves. Defining a Market A market is a social arrangement that allows buyers and sellers to carry out voluntary exchanges of goods and services. In everyday usage, the term ‘ma...