“The amount offered for sale at each price is called the supply; the amount demanded for purchase at each price is called the demand.”
“The general factors that determine the supply and demand schedules of any and all consumers’ goods, by all persons on the market, are the balancing on their value scales of their demand for the good for direct use and their demand for money, either for reservation or for exchange.”
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- 13-8a1 In money economy, every exchange comes down to the demand for the good and money
- 13-8a1a The supply (and demand) curves can be aggregated respectively, because whether it is instantiated within one individual or across different individuals does not matter from the perspective of the curve
- 13-8b Supply = Stock - Reservation Demand
- 13-8c Utility alone determines the price and the quantity exchanged
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