An appraisal principle that states that the value of a property depends on the quantity and price of the property type available in the market and on the number of market participants and the price that they are willing to pay
the relationship between the amount of goods for sale and the amount of goods that people want to buy, especially the way it influences prices. Relationship between the quantity of a commodity that producers have available for sale and the quantity that consumers are willing and able to buy. Demand depends on the price of the commodity, the prices of related commodities, and consumers' incomes and tastes. Supply depends not only on the price obtainable for the commodity but also on the prices of similar products, the techniques of production, and the availability and costs of inputs. The function of the market is to equalize demand and supply through the price mechanism. If buyers want to purchase more of a commodity than is available on the market, they will tend to bid the price up. If more of a commodity is available than buyers care to purchase, suppliers will bid prices down. Thus, there is a tendency toward an equilibrium price at which the quantity demanded equals the quantity supplied. The measure of the responsiveness of supply and demand to changes in price is their elasticity
the law of supply states that increased expenses are worth the investment only when higher profits are made from higher costs of higher productions ratios; the law of demand states that if goods and services are produced in a specified quantity, then prices will be lowered also
The economic principle that asserts that the less common something is, or the more that people want it, the higher its price The opposite is also true, according to this principle: The more common something is, or the less that people want it, the lower its price
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