Demand vs. Supply
Main DifferenceThe main difference between Demand and Supply is that Demand refers to how much buyers and Supply (quantity of a product or service) represents how much the market can offer.
Difference Between Demand and Supply
Demand vs. Supply
The stability between the quantity demanded and the price of a product at a given time is known as demand. On the other hand, the stability between the quantity supplied and the price of a commodity at a given time known as supply.
Demand vs. Supply
Demand is the readiness and gainful capacity of a buyer at a specific price while Supply is the quantity provided by the producers to its customers at a specific price.
Demand vs. Supply
Demand has an oblique relationship with the price, i.e., if price increases the demand decreases, as well as if the price decreases the demand increases, despite that, the price has a straight or direct relationship with supply, i.e., if cost or price increases the supply will also increase, in addition, if the price decreases supply also decreases.
Demand vs. Supply
While demand curve slopes downward, the supply curve is upward sloping.
Demand vs. Supply
Demand illustrates the customer’s inclination and preferences for a particular product demanded by him, though supply renders the firms.
Demandnoun
The desire to purchase goods and services.
Prices usually go up when demand exceeds supply.Supplyverb
(transitive) To provide (something), to make (something) available for use.
to supply money for the warDemandnoun
(economics) The amount of a good or service that consumers are willing to buy at a particular price.
Supplyverb
(transitive) To furnish or equip with.
to supply a furnace with fuel; to supply soldiers with ammunitionDemandnoun
A forceful claim for something.
Modern society is responding to women's demands for equality.Supplyverb
(transitive) To fill up, or keep full.
Rivers are supplied by smaller streams.Demandnoun
A requirement.
His job makes many demands on his time.There is a demand for voluntary health workers in the poorer parts of Africa and Asia.Supplyverb
(transitive) To compensate for, or make up a deficiency of.
Demandnoun
An urgent request.
She couldn't ignore the newborn baby's demands for attention.Supplyverb
(transitive) To serve instead of; to take the place of.
Demandnoun
An order.
Supplyverb
(intransitive) To act as a substitute.
Demandnoun
(electricity supply) More precisely peak demand or peak load, a measure of the maximum power load of a utility's customer over a short period of time; the power load integrated over a specified time interval.
Supplyverb
(transitive) To fill temporarily; to serve as substitute for another in, as a vacant place or office; to occupy; to have possession of.
to supply a pulpitDemandverb
To request forcefully.
I demand to see the manager.Supplynoun
(uncountable) The act of supplying.
supply and demandDemandverb
To claim a right to something.
The bank is demanding the mortgage payment.Supplynoun
(countable) An amount of something supplied.
A supply of good drinking water is essential.She said, “China has always had a freshwater supply problem with 20 percent of the world’s population but only 7 percent of its freshwater. File:She said, “China has always had a freshwater supply problem.oggDemandverb
To ask forcefully for information.
I demand an immediate explanation.Supplynoun
(in the plural) provisions.
Demandverb
To require of someone.
This job demands a lot of patience.Supplynoun
An amount of money provided, as by Parliament or Congress, to meet the annual national expenditures.
to vote suppliesDemandverb
(legal) To issue a summons to court.
Supplynoun
Somebody, such as a teacher or clergyman, who temporarily fills the place of another; a substitute.
Demandnoun
the ability and desire to purchase goods and services;
the automobile reduced the demand for buggywhipsthe demand exceeded the supplySupplyadverb
Supplely: in a supple manner, with suppleness.
Demandnoun
an urgent or peremptory request;
his demands for attention were unceasingSupplynoun
an amount of something available for use
Demandnoun
a condition requiring relief;
she satisfied his need for affectionGod has no need of men to accomplish His workthere is a demand for jobsSupplynoun
offering goods and services for sale
Demandnoun
the act of demanding;
the kidnapper's exorbitant demands for moneySupplynoun
the activity of supplying or providing something
Demandnoun
required activity;
the requirements of his work affected his healththere were many demands on his timeSupplyverb
provide or furnish with;
We provided the room with an electrical heaterDemandverb
request urgently and forcefully;
The victim's family is demanding compensationThe boss demanded that he be fired immediatelyShe demanded to see the managerSupplyverb
circulate or distribute or equip with;
issue a new uniform to the childrensupply blankets for the bedsDemandverb
require as useful, just, or proper;
It takes nerve to do what she didsuccess usually requires hard workThis job asks a lot of patience and skillThis position demands a lot of personal sacrificeThis dinner calls for a spectacular dessertThis intervention does not postulates a patient's consentSupplyverb
provide what is desired or needed, especially support, food or sustenance;
The hostess provided lunch for all the guestsDemandverb
claim as due or just;
The bank demanded payment of the loanSupplyverb
state or say further;
`It doesn't matter,' he suppliedDemandverb
lay legal claim to
Demandverb
summon to court
Demandverb
ask to be informed of;
I demand an explanationComparison Chart
| Demand | Supply |
| Demand is the longing of a buyer and his ability to pay for a particular commodity at a specific price. | Supply is the abundance of a commodity which is made available by the producers to its consumers at a certain price. |
| Inter-relationship | |
| When demand increases supply decreases, i.e., an inverse relationship. | When supply increases demand decreases, i.e., an inverse relationship. |
| Impact of Price | |
| With a rise in price the demand decreases and vice versa, i.e., indirect relationship. | Supply enlarge along with the increase in price. So it has a direct relationship. |
| Curve | |
| Downward-sloping | Upward-sloping |
| Effect of Variations | |
| Demand rise with the supply remaining the same take to shortage while demand decreases with the supply remaining the same leads to a surplus. | Supply rise with the demand remaining the same leads to surplus while supply decreases with the demand remaining the same leads to a shortage. |
| Who Represents What? | |
| Demand represents the consumer. | Supply represents the firm. |
Demand vs. Supply
The balance between the price and the quantity demanded of a product or the commodity at a certain period is called demand. To the contrary, the balance between the price of the product or goods and the quantity that supplied at a given period called as supply. While the paying aptitude and the devotion of the buyer at a specific price is demand, while the quantity that is said by the producers of those products to its customers or consumers at a particular price supplied demand has an opposite or indirect relationship with the price that is if the price of the goods increases the demand decreases. Likewise, if the price of the product decreases then the demand increases, however, on the flip side, the price has a direct association with supply, that is if price decreases then the supply will also decrease and if the price increases supply also increases. Demand do represent the consumer or the customer’s preferences and taste for a product or the commodity that is demanded by him, on the other hand, Supply does represent the firms, which is how much of the good or the commodity is offered by those producers in that huge market.
What is Demand?
Demand is a commercial or economic principle referring to a consumer’s desire and willingness to pay the price for definite product or service. Holding all other elements constant, an increase in the price of a good or service will decrease demand, and vice versa. Think of demand as your readiness to go out and buy a definite product. For example, market demand is the summing what everyone in the market wants. Businesses often spend a substantial amount of money to determine the amount of demand the public has for their goods and services. Incorrect estimations moreover result in money left on the table if demand is disrespect or losses if demand overestimated. There are five determinants of demand. The most important is the price of the good or service itself. The second is the price of related products, whether they are substitutes or complementary. Circumstances drive the next three determinants. These are consumers’ incomes, their tastes, and their expectations.
Basis of Classification
- Individual Demand and Market Demand
- Total Market Demand and Market Segment Demand
- Derived Demand and Direct Demand
- Industry Demand and Company Demand
- Short-Run Demand and Long-Run Demand
- Price Demand
- Income Demand
- Cross Demand
What is Supply?
Supply is an essential economic impression that describes the total amount of a specific product or service that is available to consumers. Supply can link to the amount available at a specific price or the amount available cover a range of prices displayed on a graph. This connects closely to the demand for a product or service at a particular price; all else being equal, the supply presented by producers will increase if the price rises because all firms look to maximize profits. The concept of supply in economics is complicated with many mathematical formulas, practical applications, and contributing factors. While supply can relate to anything in demand that sold in a competitive marketplace, supply is most used to relate to goods, services, or labor. One of the major important factor that influence supply is the good’s price. Generally, if a good’s price rise so will the supply.
Types
- Market Supply
- Short-term Supply
- Long-term Supply
- Joint Supply
- Composite Supply
ConclusionThe market flooded with several substitutes in each product category, and quick rise or fall in the prices will have an influence on these goods, and their demand and supply may increase or decrease. Demand and supply refer to the relationship price have with the quantity consumers demand and the quantity supplied by producers. As for price increases, quantity demanded decreases and quantity supplied increases.
