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DEFINITION of 'Law Of Supply And Demand'. A theory explaining the interaction between the supply of a resource and the demand for that resource. The law of supply and demand defines the effect that the availability of a particular product and the desire (or demand) for that product has on price. Generally, if there is a low supply and a high demand, the price will be high.
  If demand remains constant and supply decreases, then the price will rise. The law of supply and demand says that a price will move either up or down based on the bala â¦ nce of supply and demand. As the supply decreases, prices will move higher because the product is more scarce. If demand remains constant and supply decreases, then the price will rise. The law of supply and demand says that a price will move either up or down based on the bala â¦ nce of supply and demand. As the supply decreases, prices will move higher because the product is more scarce.