Introduction through a short video on to understand Demand
Demand refers to the quantity of a commodity that a consumer is willing and able to purchase at a given price during a particular period of time.
Demand is not only the desire to buy something, it requires:
Willingness to buy
Ability to buy (purchasing power)
A specific price and time period
Supply refers to the quantity of a commodity that a seller or producer is willing to offer for sale at a given price during a specific period of time.
Supply requires:
Willingness of the producer to sell
Availability of stock/production
A specific price and time period