What is the definition of supply and demand?

The definition that states supply is the amount of a product available, while demand is how much consumers want it accurately captures the fundamental principles of these economic concepts. Supply refers to the quantity of a good or service that producers are willing and able to sell at various prices over a certain period. Conversely, demand indicates the consumer's desire to purchase that good or service at different price points. This relationship is crucial in determining market equilibrium, where the quantity supplied equals the quantity demanded, influencing pricing and availability in the marketplace. The clarity of this definition also underscores the interplay between production capabilities (supply) and consumer preferences (demand), which is essential for understanding how markets operate.