survival supply Economic exchanges reflect the demand and supply law that determine constant struggles for survival of people.?
Explain the meaning of this quotation
Economics is the study of how people that have limited means and unlimited wants decide how to use their means to maximise their satisfaction or utility,
When people carry out economic activities such as buying and selling they make decisions such as price and value, sellers seek to clear their stock and maximise their profits, buyers seek to maximise their value, at too high a price buyers will not buy enough stock from suppliers and suppliers will have remaining stock, at too low a price suppliers will have no profit and buyers will force them to leave the market,
With a large number of buyers and sellers the market will operate as an invisible hand and equiliberium will be achieved.
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