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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.
Just as on the demand side, the position of the supply can shift, say from a change in the price of a productive input or a technical improvement. The Law of Supply states that, in general, a rise in price leads to an expansion in supply and a fall in price leads to a contraction in supply.he term economics comes from the Ancient Greek Î¿á¼°ÎºÎ¿Î½Î¿Î¼Î¯Î± from Î¿á¼¶ÎºÎ¿Ï (oikos, house) and Î½ÏÎ¼Î¿Ï (nomos, custom or law), hence rules of the house (hold for good management).