Meaning of the word "supply and demand" in English
What does "supply and demand" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.
supply and demand
US /səˌplaɪ ən dɪˈmænd/
UK /səˈplaɪ ənd dɪˈmɑːnd/
Noun
the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price and availability
Example:
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The price of oil is determined by supply and demand.
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Understanding supply and demand is crucial in economics.