Demand: Demand refers to the desire and willingness of consumers to buy a product or service at different prices, considering various factors such as income, preferences, and availability.
Law of Supply: The law of supply states that there is a direct relationship between price and quantity supplied; as price increases, producers tend to supply more of a good or service.
Market Equilibrium: Market equilibrium occurs when the quantity demanded equals the quantity supplied at a particular price level, resulting in a stable market state.