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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.
Supply and demand are perhaps the most fundamental concepts of economics, and it is the backbone of a market economy. Demand refers to how much (or what quantity) of a product or service is desired by buyers. The quantity demanded varies as people are more or less willing to buy something depending on its price.