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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.
Law of Demand (definition) The princple that there is an inverse relationship between the price of a good and the quanity buyers are willing to purchase in a defined time period, ceteris paribus. Demand (definition) A curve or schedule ahowing the various quantities of a product consumers.